2021 New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 3 - Probate of Wills and Administration
Part 7 - DUTIES AND POWERS OF PERSONAL REPRESENTATIVES
Section 45-3-706 - Duty of personal representative; inventory and appraisement.

A. Within three months after his appointment, a personal representative, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of his death, listing it with reasonable detail and indicating as to each listed item its estimated value as of the date of the decedent's death and the type and amount of any encumbrance that may exist with reference to any item.

B. The personal representative shall send a copy of the inventory to interested persons who request it. He may also file the original of the inventory with the appropriate court.

History: 1953 Comp., § 32A-3-706, enacted by Laws 1975, ch. 257, § 3-706; 1976 (S.S.), ch. 37, § 9; 1977, ch. 121, § 7; 1983, ch. 194, § 5.

Official comments. — See Commissioners on Uniform State Law official comment to 3-706 UPC.

Compiler's notes. — This section is similar to former 31-3-2, 1953 Comp.

Breach of duty. — A personal representative failed to report all the estate assets as required by 45-3-706 NMSA 1978 since, although the personal representative's appraisal and inventory included the estate funds, it did not include the 300-acre property bequeathed to the personal representative and the personal representative's siblings, which was significant because, if the deceased sibling's children were denied their inheritance under 45-2-608 NMSA 1978, they were entitled to one-fourth of that property and one-fourth of the cash under 45-2-302 NMSA 1978. In re Estate of Gardner, 1992-NMCA-122, 114 N.M. 793, 845 P.2d 1247.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Surchargeability of trustee, executor, administrator or guardian with respect to mortgage investment, as affected by matters relating to value of property, 117 A.L.R. 871.

Delay of executor or administrator in filing inventory, account, or other report, or in completing administration and distribution of estate, as ground for removal, 33 A.L.R.4th 708.

33 C.J.S. Executors and Administrators § 95.