There Is a Newer Version of the New Mexico Statutes
  1. 2025 N.M. Stat.
  2. 2024 N.M. Stat.
  3. 2023 N.M. Stat.
  4. 2011 N.M. Stat. (here)
  5. View All Versions
View Our Newest Version Here

2011 New Mexico Statutes
Chapter 45: Uniform Probate Code
Article 7: Trust Administration, 45-7-101 through 45-7-612
Section 45-7-507: Multiple beneficiaries; separate custodial trusts; survivorship.

Universal Citation:
NM Stat § 45-7-507 (1996 through 1st Sess 50th Legis)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

45-7-507. Multiple beneficiaries; separate custodial trusts; survivorship.

A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.

B. Custodial trust property held under the Uniform Custodial Trust Act [45-7-501 NMSA 1978] by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.

C. A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to Sections 45-7-508 and 45-7-516 NMSA 1978 for the administration of the custodial trust.

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.