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Current as of May 06, 2021 | Updated by FindLaw Staff
A. The Uniform Directed Trust Act applies to a trust, whenever created, that has its principal place of administration in New Mexico, subject to the following rules:
(1) if the trust was created before January 1, 2019, that act applies only to a decision or action occurring on or after that date; and
(2) if the principal place of administration of the trust is changed to New Mexico on or after January 1, 2019, that act applies only to a decision or action occurring on or after the date of the change.
B. Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
(1) a trustee's principal place of business is located in, or a trustee is a resident of, the designated jurisdiction;
(2) a trust director's principal place of business is located in, or a trust director is a resident of, the designated jurisdiction; or
(3) all or part of the administration occurs in the designated jurisdiction.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-14-3. Application; principal place of administration - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-46-fiduciaries-and-trusts/nm-st-sect-46-14-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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