New Mexico § 45-5-424 - Powers of conservator in administration

§ 45-5-424. Powers of conservator in administration

A. A conservator has all of the powers conferred herein and any additional powers

conferred by law on trustees in New Mexico. In addition, a conservator for an unmarried minor, as to whom no one has parental

rights, has the duties and powers of a guardian of a minor described in Section 5-209

until the minor attains majority or marries. However, the parental rights so conferred on a conservator do not prevent appointment

of a guardian. B. A conservator has power, without court authorization or confirmation, to invest

and reinvest funds of the estate as would a trustee. C. A conservator, acting reasonably in efforts to accomplish the purpose for which

he was appointed, may act without court authorization or confirmation, to: (1) collect, hold and retain assets of the estate including land in another state,

until, in his judgment, disposition of the assets should be made, and the assets may

be retained even though they include an asset in which he is personally interested; (2) receive additions to the estate; (3) continue or participate in the operation of any business or other enterprise; (4) acquire an undivided interest in an estate asset in which the conservator, in

any fiduciary capacity, holds an undivided interest; (5) invest and reinvest estate assets in accordance with Subsection B of this section; (6) deposit estate funds in a bank including a bank operated by the conservator; (7) acquire or dispose of an estate asset including land in another state for cash

or on credit, at public or private sale; and to manage, develop, improve, exchange,

partition, change the character of or abandon an estate asset; (8) make ordinary or extraordinary repairs or alterations in buildings or other structures;

to demolish any improvements; and to raze existing, or erect new, party walls or

buildings; (9) subdivide, develop or dedicate land to public use; to make or obtain the vacation

of plats and adjust boundaries; to adjust differences in valuation on exchange or

to partition by giving or receiving considerations; and to dedicate easements to

public use without consideration; (10) enter for any purpose into a lease as lessor or lessee with or without option

to purchase or renew for a term within or extending beyond the term of the conservatorship; (11) enter into a lease or arrangement for exploration and removal of minerals or

other natural resources or enter into a pooling or unitization agreement; (12) grant an option involving disposition of an estate asset; and to take an option

for the acquisition of any asset; (13) vote a security, in person or by general or limited proxy; (14) pay calls, assessments and any other sums chargeable or accruing against or on

account of securities; (15) sell or exercise stock subscription or conversion rights; to consent, directly

or through a committee or other agent, to the reorganization, consolidation, merger,

dissolution or liquidation of a corporation or other business enterprise; (16) hold a security in the name of a nominee or in other form without disclosure

of the conservatorship so that title to the security may pass by delivery, but the

conservator is liable for any act of the nominee in connection with the security so

held; (17) insure the assets of the estate against damage or loss, and the conservator against

liability with respect to third persons; (18) borrow money to be repaid from estate assets or otherwise; to advance money

for the protection of the estate or the protected person, and for all expenses, losses

and liability sustained in the administration of the estate or because of the holding

or ownership of any estate assets and the conservator has a lien on the estate as

against the protected person for advances so made; (19) pay or contest any claim; to settle a claim by or against the estate or the

protected person by compromise, arbitration or otherwise; and to release, in whole

or in part, any claim belonging to the estate to the extent that the claim is uncollectible; (20) pay taxes, assessments, compensation of the conservator and other expenses incurred

in the collection, care, administration and protection of the estate; (21) allocate items of income or expense to either estate income or principal, including

creation or [of] reserves out of income for depreciation, obsolescence or amortization,

or for depletion in mineral or timber properties; (22) pay any sum distributable to a protected person or his dependent, without liability

to the conservator, by paying the sum to the distributee or by paying the sum for

the use of the distributee either to his guardian or, if none, to a relative or other

person with custody of his person; (23) employ persons, including attorneys, auditors, investment advisors or agents,

even though they are associated with the conservator to advise or assist him in the

performance of his administrative duties; to act upon their recommendation without

independent investigation; and instead of acting personally, to employ one or more

agents to perform any act of administration, whether or not discretionary; (24) prosecute or defend actions, claims or proceedings in any jurisdiction for the

protection of estate assets and of the conservator in the performance of his duties;

and (25) execute and deliver all instruments which will accomplish or facilitate the exercise

of the powers vested in the conservator.