New Mexico Statutes
§ 46A-4-402 — Requirements for creation
A. A trust is created only if:
(1)the settlor has capacity to create a trust;
(2)the settlor indicates an intention to create the trust;
(3)the trust has a definite beneficiary or is:
(a)a charitable trust;
(b)a trust for the care of an animal, as provided in Section 4-408 [46A-4-408 NMSA 1978] of the Uniform Trust Code; or (c) a trust for a noncharitable purpose, as provided in Section 4-409 [46A-4- 409 NMSA 1978] of the Uniform Trust Code;
(4)the trustee has duties to perform; and (5) the same person is not the sole trustee and sole beneficiary. B. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. C. A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is
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Legislative History
Laws 2003, ch. 122, § 4-402.
Nearby Sections
15
§ 46A-1-101
Short title§ 46A-1-102
Scope§ 46A-1-103
Definitions§ 46A-1-104
Knowledge§ 46A-1-105
Default and mandatory rules§ 46A-1-106
Common law of trusts; principles of equity§ 46A-1-107
Governing law§ 46A-1-108
Principal place of administration§ 46A-1-109
Methods and waiver of notice§ 46A-1-110
Others treated as qualified beneficiaries§ 46A-1-111
Nonjudicial settlement agreements§ 46A-1-112
Rules of construction§ 46A-1-113
Insurable interest of trustee§ 46A-10-1001
Breach of trust§ 46A-10-1002
Damages for breach of trust