General powers of custodial trustee.

  1. Law
  2. New Mexico Statutes
  3. Uniform Probate Code
  4. Trust Administration
  5. Custodial Trusts
  6. General powers of custodial trustee.

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A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fudiciary [fiduciary] capacity only.

B. This section does not relieve a custodial trustee from liability for a violation of Section 45-7-508 NMSA 1978.

History: 1978 Comp., § 45-7-509, enacted by Laws 1992, ch. 66, § 56.

ANNOTATIONS

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.


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