New Mexico Statutes 46A-4-410. Modification or termination of trust; proceedings for approval or disapproval
A. In addition to the methods of termination prescribed by Sections 4-411 through 4- 414 N.M. Stat. Ann. § 46A-4-411 to 46A-4-414 of the Uniform Trust Code, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved or the purposes of the trust have become unlawful, contrary to public policy or impossible to achieve.
Terms Used In New Mexico Statutes 46A-4-410
- 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.
B. A proceeding to approve or disapprove a proposed modification or termination under Sections 4-411 through 4-416 N.M. Stat. Ann. § 46A-4-411 to 46A-4-416 of the Uniform Trust Code or a trust combination or division under Section 4-417 [46A-4-417 N.M. Stat. Ann.] of that code may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under Section 4-411 [46A-4-411 N.M. Stat. Ann.] of that code may be commenced by the settlor.
The settlor of a charitable trust may maintain a proceeding to modify the trust under Section 4-413 [46A-4-413 N.M. Stat. Ann.] of that code.