A. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
B. While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
C. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
History: Laws 2003, ch. 122, § 6-603; 2007, ch. 128, § 17; 2018, ch. 63, § 22.
ANNOTATIONSThe 2018 amendment, effective January 1, 2019, provided additional powers of a settlor of a trust; and added a new Subsection A and redesignated former Subsections A and B as Subsections B and C, respectively.
The 2007 amendment, effective July 1, 2007, eliminated the provision that a trustee has a duty to all settlers who have capacity to revoke a trust.
Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).