2006 New Mexico Statutes - 45-1-108 — Acts by holder of general power.

45-1-108. Acts by holder of general power.

A.     For the purpose of granting consent or approval with regard to the acts or accounts of a personal representative or trustee, the sole holder or all co-holders of a presently exercisable general power of appointment, including one in the form of a power of amendment or revocation, are deemed to act for beneficiaries to the extent their interests (as objects, takers in default or otherwise) are subject to the power.   

B.     As used in Subsection A of this section, the term "general power" is one which enables the power holder to draw absolute ownership to himself. Moreover, the common law concept of general powers is intended rather than special concepts developed for tax purposes.