Current through 2024, ch. 69
Section 46-14-10 - Duty to provide information to trust director or trusteeA. Subject to Section 11 [46-14-11 NMSA 1978] of the Uniform Directed Trust Act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and(2) the powers or duties of the director.B. Subject to Section 11 of the Uniform Directed Trust Act, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to:(1) the powers or duties of the director; and(2) the powers or duties of the trustee or other director.C. A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trustee engages in willful misconduct.D. A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trust director engages in willful misconduct.Added by 2018, c. 63,s. 10, eff. 1/1/2019.