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New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-14-10. Duty to provide information to trust director or trustee

Current as of January 01, 2024 | Updated by FindLaw Staff

A. Subject to Section 11 of the Uniform Directed Trust Act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:

(1) the powers or duties of the trustee; and

(2) the powers or duties of the director.

B. Subject to Section 11 of the Uniform Directed Trust Act, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to:

(1) the powers or duties of the director; and

(2) the powers or duties of the trustee or other director.

C. A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trustee engages in willful misconduct.

D. A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trust director engages in willful misconduct.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-14-10. Duty to provide information to trust director or trustee - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-46-fiduciaries-and-trusts/nm-st-sect-46-14-10/

Read this complete New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-14-10. Duty to provide information to trust director or trustee on Westlaw

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