New Mexico Statutes 46A-5-503. Exceptions to spendthrift provision
A. As used in this section, “child” includes any person for whom an order or judgment for child support has been entered in this or another state.
Terms Used In New Mexico Statutes 46A-5-503
- 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
- Statute: A law passed by a legislature.
B. A spendthrift provision is unenforceable against:
(1) a beneficiary‘s child, spouse or former spouse who has a judgment or court order against the beneficiary for support or maintenance;
(2) a judgment creditor who has provided services for the protection of a beneficiary’s interest in the trust; and
(3) a claim of this state or the United States to the extent a statute of this state or federal law so provides.
C. A claimant against whom a spendthrift provision cannot be enforced may obtain from a court an order attaching present or future distributions to or for the benefit of the beneficiary. The court may limit the award to such relief as is appropriate under the circumstances. The order attaching present or future distributions to or for the benefit of the beneficiary shall be the exclusive remedy available to a claimant against whom a spendthrift provision cannot be enforced.