N.M. Stat. § 45-7-515

Current through 2024, ch. 69

Section 45-7-515 - Expenses, compensation and bond of custodial trustee

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:

A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;

B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and

C. need not furnish a bond or other security for the faithful performance of fiduciary duties.

NMS § 45-7-515

1978 Comp., § 45-7-515, enacted by Laws 1992, ch. 66, § 62.