2016 New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 12 - Uniform Trust Decanting
Section 46-12-118 - Removal or replacement of authorized fiduciary. (Effective January 1, 2017.)
46-12-118. Removal or replacement of authorized fiduciary. (Effective January 1, 2017.)
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.
History: Laws 2016, ch. 72, 1-118.
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