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Current as of January 01, 2024 | Updated by Findlaw Staff
A. A trustee who reasonably and in good faith takes any action or omits to take any action pursuant to Sections 46-3A-105 through 46-3A-113 NMSA 1978 is not liable to any person interested in the trust.
B. If a trustee reasonably and in good faith takes or omits to take any action pursuant to Sections 46-3A-105 through 46-3A-113 NMSA 1978 and a person interested in the trust opposes the act or omission, in addition to any other remedy otherwise provided or available by law, the person may seek an order of the court directing the trustee to:
(1) convert the trust to a total return trust;
(2) reconvert from a total return trust;
(3) change the distribution percentage; or
(4) order any administrative procedures the court determines are necessary or helpful for the proper functioning of the trust.
C. A claim for relief pursuant to Subsection B of this section that is not barred by adjudication, consent or limitation is nevertheless barred as to any beneficiary who has received a written notice fully disclosing the matter unless a proceeding to assert the claim is commenced within six months after receipt of the statement.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-3A-112. Remedies - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-46-fiduciaries-and-trusts/nm-st-sect-46-3a-112/
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 before relying on it for your legal needs.
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