Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries and in accordance with the Uniform Trust Code [46A-1-101 NMSA 1978].
History: Laws 2003, ch. 122, § 8-801.
ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Claim of breach of fiduciary duty against co-owner of trademark. — Where beneficiary of survivor trust claimed the co-owner of a trademark took actions that negatively impacted beneficiary's half interest in the trademark, court of appeals determined that the contention of negative impact on beneficiary's trademark interest was in the nature of a claim of trademark infringement by one co-owner against the other, not a claim of breach of fiduciary duty in the trust context; notwithstanding, the court of appeals held that when parties are co-owners of a trademark, one party cannot sue the other party for trademark infringement because a co-owner cannot infringe the trademark it owns. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001.
Fiduciary duty not owed to non-beneficiary of trust. — Where wife, as beneficiary of a survivor's trust, created from half of the community estate contained in a living trust following beneficiary's husband's death, claimed that the trustees of an administrative trust, created from the other half of the community estate contained in the living trust, breached their fiduciary duties in the management of the administrative trust, wife was precluded from claiming a breach of fiduciary duties when she was not a beneficiary of the administrative trust. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001.