2017 New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 7 - Trust Administration
Part 5 - Custodial Trusts
Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship.
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 through 45-7-522 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.
History: 1978 Comp., 45-7-507, enacted by Laws 1992, ch. 66, 54.
