As used in the Uniform Directed Trust Act:
A. "breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another law of New Mexico pertaining to trusts;
B. "directed trust" means a trust for which the terms of the trust grant a power of direction;
C. "directed trustee" means a trustee that is subject to a trust director's power of direction;
D. "person" means an individual; estate; business or nonprofit entity; public corporation; government; governmental subdivision, agency or instrumentality; or other legal entity;
E. "power of direction":
(1) means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee;
(2) includes a power over the investment, management or distribution of trust property or other matters of trust administration; and
(3) excludes the powers described in Subsection B of Section 5 [46-14-5 NMSA 1978] of the Uniform Directed Trust Act;
F. "settlor" means a person, including a testator, that creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion;
G. "state" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any other territory or possession subject to the jurisdiction of the United States;
H. "terms of a trust" means:
(1) except as otherwise provided in Paragraph (2) of this subsection, the manifestation of the settlor's intent regarding a trust's provisions as:
(a) expressed in the trust instrument; or
(b) established by other evidence that would be admissible in a judicial proceeding; or
(2) the trust's provisions as established, determined or amended by:
(a) a trustee or trust director in accordance with applicable law;
(b) court order; or
(c) a nonjudicial settlement agreement under Section 46A-1-111 NMSA 1978;
I. "trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust; and
J. "trustee" includes an original, additional and successor trustee and a cotrustee [co-trustee].
History: Laws 2018, ch. 63, § 2.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 2 effective January 1, 2019.