New Mexico Statutes 46A-6-603. Settlor’s powers; powers of withdrawal
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A. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
Terms Used In New Mexico Statutes 46A-6-603
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
B. While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
C. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.