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2017 New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 7 - Trust Administration
Part 5 - Custodial Trusts
Section 45-7-515 - Expenses, compensation and bond of custodial trustee.
Universal Citation: NM Stat § 45-7-515 (2017)
45-7-515. Expenses, compensation and bond of custodial trustee.
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:
A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
C. need not furnish a bond or other security for the faithful performance of fiduciary duties.
History: 1978 Comp., 45-7-515, enacted by Laws 1992, ch. 66, 62.
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