New Mexico Statutes
§ 46A-4-414 — Termination of uneconomic trust
A.After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than fifty thousand dollars ($50,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
B.The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
C.Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
D.This section does not apply to an easement for conservation or preservation.
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New Mexico § 46A-4-414 (Termination of uneconomic trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Laws 2003, ch. 122, § 4-414.
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