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].