New Mexico Statutes 46-14-11. No duty to monitor, inform or advise
A. Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to:
Terms Used In New Mexico Statutes 46-14-11
- 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
- Trustee: A person or institution holding and administering property in trust.
(a) monitor a trust director; or
(b) inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the trustee might have acted differently than the director; and
(2) by taking an action described in Paragraph (1) of this subsection, a trustee does not assume the duty excluded by that paragraph.
B. Unless the terms of a trust provide otherwise: (1) a trust director does not have a duty to:
(a) monitor a trustee or another trust director; or
(b) inform or give advice to a settlor, beneficiary, trustee or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2) by taking an action described in Paragraph (1) of this subsection, a trust director does not assume the duty excluded by that paragraph.