This text of New Mexico § 46-14-2 (Definitions) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
As used in the Uniform Directed Trust Act: A. "breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another law of New Mexico pertaining to trusts; B. "directed trust" means a trust for which the terms of the trust grant a power of direction; C. "directed trustee" means a trustee that is subject to a trust director's power of direction; D. "person" means an individual; estate; business or nonprofit entity; public corporation; government; governmental subdivision, agency or instrumentality; or other legal entity; E. "power of direction":
(1)means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the pe
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As used in the Uniform Directed Trust Act: A. "breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another law of New Mexico pertaining to trusts; B. "directed trust" means a trust for which the terms of the trust grant a power of direction; C. "directed trustee" means a trustee that is subject to a trust director's power of direction; D. "person" means an individual; estate; business or nonprofit entity; public corporation; government; governmental subdivision, agency or instrumentality; or other legal entity; E. "power of direction": (1) means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee; (2) includes a power over the investment, management or distribution of trust property or other matters of trust administration; and (3) excludes the powers described in Subsection B of Section 5 [46-14-5 NMSA 1978] of the Uniform Directed Trust Act; F. "settlor" means a person, including a testator, that creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion; G. "state" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any other territory or possession subject to the jurisdiction of the United States; H. "terms of a trust" means: (1) except as otherwise provided in Paragraph (2) of this subsection, the manifestation of the settlor's intent regarding a trust's provisions as: (a) expressed in the trust instrument; or (b) established by other evidence that would be admissible in a judicial proceeding; or (2) the trust's provisions as established, determined or amended by: (a) a trustee or trust director in accordance with applicable law; (b) court order; or (c) a nonjudicial settlement agreement under Section 46A-1-111 NMSA 1978; I. "trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust; and J. "trustee" includes an original, additional and successor trustee and a cotrustee [co-trustee].