2016 New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 12 - Uniform Trust Decanting
Section 46-12-123 - Trust for care of animal. (Effective January 1, 2017.)
46-12-123. Trust for care of animal. (Effective January 1, 2017.)
A. As used in this section:
(1) "animal trust" means a trust or an interest in a trust created to provide for the care of one or more animals; and
(2) "protector" means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.
B. The decanting power may be exercised over an animal trust that has a protector to the extent that the trust could be decanted under the Uniform Trust Decanting Act as if each animal that benefits from the trust were an individual if the protector consents in a signed record to the exercise of the power.
C. A protector for an animal has the rights under the Uniform Trust Decanting Act of a qualified beneficiary.
D. Notwithstanding any other provision of the Uniform Trust Decanting Act, if a first trust is an animal trust, in an exercise of the decanting power, the second trust shall provide that trust property may be applied only to its intended purpose for the period the first trust benefited the animal.
History: Laws 2016, ch. 72, 1-123.
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