N.M. Stat. § 46-12-118

Current through 2024, ch. 69

Section 46-12-118 - Removal or replacement of authorized fiduciary

An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:

A. the person holding the power consents to the modification in a signed record and the modification applies only to the person;

B. the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or

C. the court approves the modification and the modification grants a substantially similar power to another person.

NMS § 46-12-118

Laws 2016, ch. 72, § 1 -118.

Added by 2016, c. 72,s. 1-118, eff. 1/1/2017.