New Mexico Statutes 45-7-515. Expenses, compensation and bond of custodial trustee
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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:
Terms Used In New Mexico Statutes 45-7-515
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
C. need not furnish a bond or other security for the faithful performance of fiduciary duties.