{"data":{"id":"us-nm/46-3a-110","jurisdiction":"us-nm","citation":"46-3A-110","heading":"Limitations on conversion.","body":"If a trustee is also a beneficiary of the trust and conversion or failure to convert would enhance or diminish the beneficial interest of that trustee, or if possession or exercise of the conversion power by a particular trustee alone would cause any individual to be treated as owner of a part of the trust for federal income tax purposes or cause a part of the trust to be included in the gross estate of any individual for federal estate tax purposes, then that trustee may not participate as a trustee in the exercise of the conversion power, except that:\nA. the trustee may petition the court under Subsection C of Section 46-3A-105 NMSA 1978 to order conversion in accordance with this section; and\nB. a co-trustee or co-trustees to whom this section does not apply may convert the trust to a total return trust in accordance with Sections 46-3A-105 and 46-3A-106 NMSA 1978.","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":"631559c07b896ce17d1682c8c3d51e1d7fa80a63769f3baca7f8672cb5d168ac","source_id":"us-nm","stale":false,"prev":"us-nm/46-3a-109","next":"us-nm/46-3a-111"},"notice":"GroundRules: Original legal text. Not legal advice."}