A. Subject to Subsections B and C of this section, a person not subject to Section 6 or 7 N.M. Stat. Ann. § 46-7-16 or 46-7-17 of the Uniform Transfers to Minors Act who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Section 10 [46-7-20 N.M. Stat. Ann.] of that act.

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

B. If a person having the right to do so under Section 4 [46-7-14 N.M. Stat. Ann.] of that act, has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person;

C. If no custodian has been nominated under Section 4 of that act, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value.