{"data":{"id":"us-nm/46a-1-113","jurisdiction":"us-nm","citation":"46A-1-113","heading":"Insurable interest of trustee.","body":"A. In this section, \"settlor\" means a person that executes a trust instrument. \"Settlor\" includes a person for which a fiduciary or agent is acting.\nB. A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued:\n(1) the insured is:\n(a) a settlor of the trust; or\n(b) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and\n(2) the life insurance proceeds are primarily for the benefit of one or more trust beneficiaries that have:\n(a) an insurable interest in the life of the insured; or\n(b) a substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included under Subparagraph (a) of this paragraph, who are: 1) related within the third degree or closer, as measured by the civil law system of determining degrees of relation, either by blood or law, to the insured; or 2) stepchildren of the insured.","path":["Chapter 46A - Uniform Trust Code","ARTICLE 1 General Provisions and Definitions"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18548/index.do","current_through":"2024-04-26","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"479a58649ee64f080340db607e2285db2064bba77a8572f7c7d76b2f1766d048","source_id":"us-nm","stale":false,"prev":"us-nm/46a-1-112","next":"us-nm/46a-2-201"},"notice":"GroundRules: Original legal text. Not legal advice."}