As used in the Trust Company Act:
A. "director" means the director of the financial institutions division of the regulation and licensing department;
B. "trust business" means the holding out by a person, legal entity or corporation to the public at large by advertising, solicitation or other means that the person, legal entity or corporation is available to act as a fiduciary in this state or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business;
C. "trust company" means a corporation holding a certificate issued pursuant to the Trust Company Act;
D. "certificate" means a certificate of authority issued pursuant to the Trust Company Act to engage in trust business;
E. "fiduciary" means executor, administrator, conservator or trustee;
F. "nonprofit corporation" means a nonprofit corporation as defined in the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] that was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4) to provide trust services for individuals who are disabled, and the nonprofit corporation is not otherwise engaged in the trust business. As used in this subsection, "disabled" has the meaning set forth in 42 U.S.C. 1382c(a)(3); and
G. "division" means the financial institutions division of the regulation and licensing department.
History: 1953 Comp., § 48-24-2, enacted by Laws 1973, ch. 191, § 2; 1977, ch. 245, § 122; 1979, ch. 190, § 1; 1991, ch. 250, § 1; 2018, ch. 64, § 1.
ANNOTATIONSThe 2018 amendment, effective July 1, 2018, revised certain definitions and defined "division" as used in the Trust Company Act; in Subsection A, deleted "'commissioner' or" preceding "'director'"; in Subsection D, after "authority issued", deleted "under the provisions of" and added "pursuant to"; in Subsection F, after "Nonprofit Corporation Act that", deleted "is funded by or contracts with a federal, state, county or other governmental entity" and added "was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4)", and after "provide trust services", added the remainder of the subsection; and added Subsection G.
The 1991 amendment, effective June 14, 1991, in Subsection A, inserted "or 'director'" and substituted "regulation and licensing" for "commerce and industry"; deleted "guardian" following "administrator" in Subsection E; added Subsection F; and made a related stylistic change and minor stylistic changes in Subsection B.
Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976).