A. An appointment of a personal representative terminates as provided in Section 3- 1003 [45-3-1003 N.M. Stat. Ann.], one year after the filing of a closing statement.

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B. An order closing an estate as provided in Sections 3-1001 [45-3-1001 N.M. Stat. Ann.] or 3-1002 [45-3-1002 N.M. Stat. Ann.] terminates an appointment of a personal representative.

C. A personal representative may resign his position by filing a written statement of resignation with the court after he has given at least fifteen days written notice to the known interested persons. If the person resigning is a sole representative and if no one applies or petitions for appointment of a successor representative within the time indicated in the notice, the filed statement of resignation is ineffective as a termination of appointment and in any event is effective only upon the appointment and qualification of a successor representative and delivery of the assets to him. If the person resigning is a co-representative, such resignation is effective only upon delivery of the assets in his possession to any remaining co-representatives.