An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
A. the person holding the power consents to the modification in a signed record and the modification applies only to the person;
B. the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
C. the court approves the modification and the modification grants a substantially similar power to another person.
History: Laws 2016, ch. 72, § 1-118.
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.