{"data":{"id":"us-nm/46-3a-109","jurisdiction":"us-nm","citation":"46-3A-109","heading":"Restrictions on distributions.","body":"A. The distribution amount may not be less than the net income of the trust, determined without regard to the provisions of Sections 46-3A-105 through 46-3A-113 NMSA 1978, for a trust that was exempt, in whole or in part, from generation-skipping transfer tax on July 1, 2005 by reason of any effective date or transition rule.\nB. Conversion to a total return trust shall not affect any provisions in the governing instrument:\n(1) that directs or authorizes the trustee to distribute principal;\n(2) that directs or authorizes the trustee to distribute a fixed annuity or a fixed fraction of the value of trust assets;\n(3) that authorizes a beneficiary to withdraw a portion or all of the principal; or\n(4) that in any manner diminishes an amount permanently set aside for charitable purposes under the governing instrument unless both income and principal are set aside.","path":["Chapter 46 - Fiduciaries and Trusts","ARTICLE 3A Uniform Principal and Income"],"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":"f07299eff1e78b0eb7dc7941f268cec24de7ec3a3fa36c8c17abd8d6ec9f557a","source_id":"us-nm","stale":false,"prev":"us-nm/46-3a-108","next":"us-nm/46-3a-110"},"notice":"GroundRules: Original legal text. Not legal advice."}