{"data":{"id":"us-nm/46-14-2","jurisdiction":"us-nm","citation":"46-14-2","heading":"Definitions.","body":"As used in the Uniform Directed Trust Act:\nA. \"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;\nB. \"directed trust\" means a trust for which the terms of the trust grant a power of direction;\nC. \"directed trustee\" means a trustee that is subject to a trust director's power of direction;\nD. \"person\" means an individual; estate; business or nonprofit entity; public corporation; government; governmental subdivision, agency or instrumentality; or other legal entity;\nE. \"power of direction\":\n(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;\n(2) includes a power over the investment, management or distribution of trust property or other matters of trust administration; and\n(3) excludes the powers described in Subsection B of Section 5 [46-14-5 NMSA 1978] of the Uniform Directed Trust Act;\nF. \"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;\nG. \"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;\nH. \"terms of a trust\" means:\n(1) except as otherwise provided in Paragraph (2) of this subsection, the manifestation of the settlor's intent regarding a trust's provisions as:\n(a) expressed in the trust instrument; or\n(b) established by other evidence that would be admissible in a judicial proceeding; or\n(2) the trust's provisions as established, determined or amended by:\n(a) a trustee or trust director in accordance with applicable law;\n(b) court order; or\n(c) a nonjudicial settlement agreement under Section 46A-1-111 NMSA 1978;\nI. \"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\nJ. \"trustee\" includes an original, additional and successor trustee and a cotrustee [co-trustee].","path":["Chapter 46 - Fiduciaries and Trusts","ARTICLE 14 Uniform Directed Trust"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18547/index.do","current_through":"2024-04-26","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"32dab46cb656e0bc6aad2aec762f1c3ed454b9a2ab92f13e9622e19412471c6f","source_id":"us-nm","stale":false,"prev":"us-nm/46-14-1","next":"us-nm/46-14-3"},"notice":"GroundRules: Original legal text. Not legal advice."}