New Mexico Statutes 46-14-7. Limitations on trust director
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A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 N.M. Stat. Ann.] of the Uniform Directed Trust Act regarding:
Terms Used In New Mexico Statutes 46-14-7
- Trustee: A person or institution holding and administering property in trust.
A. a payback provision in the terms of the trust necessary to comply with the reimbursement requirements of medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. § 1396p(d)(4)(A), as amended, and regulations issued thereunder, as amended; and
B. a charitable interest in the trust, including notice regarding the interest to the attorney general.