New Mexico § 46-3A-102 - Definitions

§ 46-3A-102. Definitions

As used in the Uniform Principal and Income Act: A. “ accounting period ” means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that

begins when an income interest begins or ends when an income interest ends; B. “ beneficiary ” includes, in the case of a decedent's estate, an heir and devisee and, in the case

of a trust, an income beneficiary and a remainder beneficiary; C. “ fiduciary ” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative,

special administrator and a person performing substantially the same function; D. “ income ” means money or property that a fiduciary receives as current return from a principal

asset. The term includes a portion of receipts from a sale, exchange or liquidation of

a principal asset, to the extent provided in Article 4 of the Uniform Principal and

Income Act; E. “ income beneficiary ” means a person to whom net income of a trust is or may be payable; F. “ income interest ” means the right of an income beneficiary to receive all or part of net income, whether

the terms of the trust require it to be distributed or authorize it to be distributed

in the trustee's discretion; G. “ mandatory income interest ” means the right of an income beneficiary to receive net income that the terms of

the trust require the fiduciary to distribute; H. “ net income ” means the total receipts allocated to income during an accounting period minus the

disbursements made from income during the period, plus or minus transfers under the

Uniform Principal and Income Act to or from income during the period; I. “ person ” means an individual, corporation, business trust, estate, trust, partnership, limited

liability company, association, joint venture, government; governmental subdivision,

agency or instrumentality; public corporation; or any other legal or commercial

entity; J. “ principal ” means property held in trust for distribution to a remainder beneficiary when the

trust terminates; K. “ qualified beneficiary ” means a beneficiary who, on the date the beneficiary's qualification is determined: (1) is a distributee or a permissible distributee of trust income or principal; (2) would be a distributee or permissible distributee of trust income or principal

if the interest of the distributees described in Paragraph (1) of this subsection

terminated on that date; or (3) would be a distributee or permissible distributee of trust income or principal

if the trust terminated on that date; L. “ remainder beneficiary ” means a person entitled to receive principal when an income interest ends; M. “ terms of a trust ” means the manifestation of the intent of a settlor or decedent with respect to the

trust, expressed in a manner that admits of its proof in a judicial proceeding, whether

by written or spoken words or by conduct; N. “ total return trust ” means a trust that is converted to a total return trust pursuant to Section 46-3A-105 NMSA 1978 or a trust the terms of which manifest the settlor's intent that the trustee

will administer the trust in accordance with Section 46-3A-106 NMSA 1978; and O. “ trustee ” includes an original, additional or successor trustee, whether or not appointed

or confirmed by a court.