A. Subject to Subsection B of this section, with respect to a power of direction or a further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act:
(1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(a) if the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(b) if the power is held jointly with a trustee or another trust director, as a cotrustee [co-trustee] in a like position and under similar circumstances; and
(2) the terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
B. Unless the terms of a trust provide otherwise, if a trust director is licensed, certified or otherwise authorized or permitted by law other than the Uniform Directed Trust Act to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under that act.
C. The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities imposed by the Uniform Directed Trust Act.
History: Laws 2018, ch. 63, § 8.
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, § 8 effective January 1, 2019.