A. Except as otherwise provided in Subsections B and C of this section, the Uniform Trust Decanting Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
B. The Uniform Trust Decanting Act does not apply to a trust held solely for charitable purposes.
C. Subject to Section 1-115 [46-12-115 NMSA 1978] of the Uniform Trust Decanting Act, a trust instrument may restrict or prohibit exercise of the decanting power.
D. The Uniform Trust Decanting Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, New Mexico law other than the Uniform Trust Decanting Act, common law, a court order or a nonjudicial-settlement agreement.
E. The Uniform Trust Decanting Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
History: Laws 2016, ch. 72, § 1-103.
ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.