Limitation of action against trust director.

  1. Law
  2. New Mexico Statutes
  3. Fiduciaries and Trusts
  4. Uniform Directed Trust
  5. Limitation of action against trust director.

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A. An action against a trust director for breach of trust shall be commenced within the same limitation period provided for in Section 46A-10-1005 NMSA 1978 for an action for breach of trust against a trustee in a like position and under similar circumstances.

B. A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under Section 46A-10-1005 NMSA 1978 in an action for breach of trust against a trustee in a like position and under similar circumstances.

History: Laws 2018, ch. 63, § 13.

ANNOTATIONS

Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 13 effective January 1, 2019.


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