2016 New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 12 - Uniform Trust Decanting
Section 46-12-116 - Change in compensation. (Effective January 1, 2017.)
46-12-116. Change in compensation. (Effective January 1, 2017.)
A. If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless:
(1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or
(2) the increase is approved by the court.
B. If a first-trust instrument does not specify an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the compensation permitted by the Uniform Trust Code [Chapter 46A NMSA 1978] unless:
(1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or
(2) the increase is approved by the court.
C. A change in an authorized fiduciary's compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary's compensation for purposes of Subsections A and B of this section.
History: Laws 2016, ch. 72, 1-116.
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