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§ 46-14-7 NMSA 1978

Limitations on trust director

Known as the Uniform Directed Trust Act

The act spans §§ 46–46 (18 sections).

Laws 2018, ch. 63, § 7.

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [ 46-14-6 NMSA 1978] of the Uniform Directed Trust Act regarding:

A. a payback provision in the terms of the trust necessary to comply with the reimbursement requirements of medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. Section 1396p(d)(4)(A), as amended, and regulations issued thereunder, as amended; and

B. a charitable interest in the trust, including notice regarding the interest to the attorney general.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.