New Mexico Statutes 46-12-109. Court involvement
A. On application of an authorized fiduciary, a person entitled to notice under Subsection C of Section 1-107 [46-12-107 N.M. Stat. Ann.] of the Uniform Trust Decanting Act, a beneficiary or, with respect to a charitable interest, the attorney general or other person that has standing to enforce the charitable interest, the court, may:
Terms Used In New Mexico Statutes 46-12-109
- 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.
(1) provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power is permitted under the Uniform Trust Decanting Act and consistent with the fiduciary duties of the authorized fiduciary;
(2) appoint a special fiduciary and authorize the special fiduciary to determine whether the decanting power should be exercised under the Uniform Trust Decanting Act and to exercise the decanting power;
(3) approve an exercise of the decanting power;
(4) determine that a proposed or attempted exercise of the decanting power is ineffective because:
(a) after applying Section 1-122 [46-12-122 N.M. Stat. Ann.] of the Uniform Trust Decanting Act, the proposed or attempted exercise does not or did not comply with the Uniform Trust Decanting Act; or
(b) the proposed or attempted exercise would be or was an abuse of the fiduciary’s discretion or a breach of fiduciary duty;
(5) determine the extent to which Section 1-122 of the Uniform Trust Decanting Act applies to a prior exercise of the decanting power;
(6) provide instructions to the trustee regarding the application of Section 1- 122 of the Uniform Trust Decanting Act to a prior exercise of the decanting power; or
Act.
(7) order other relief to carry out the purposes of the Uniform Trust Decanting B. On application of an authorized fiduciary, the court may approve:
(1) an increase in the fiduciary’s compensation under Section 1-116 [46-12- 116 NMSA 1978] of the Uniform Trust Decanting Act; or
(2) a modification under Section 1-118 [46-12-118 N.M. Stat. Ann.] of the Uniform Trust Decanting Act of a provision granting a person the right to remove or replace the fiduciary.