New Mexico § 46-9A-5 - Delegation of management and investment functions
Full text of New Mexico New Mexico Statutes Annotated § 46-9A-5 — Delegation of management and investment functions, with citation guidance and answers to common questions.
§ 46-9A-5. Delegation of management and investment functions
A. Subject to any specific limitation set forth in a gift instrument or in any law
other than the Uniform Prudent Management of Institutional Funds Act, an institution
may delegate to an external agent the management and investment of an institutional
fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent
person in a like position would exercise under similar circumstances, in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes
of the institution and the institutional fund; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance
and compliance with the scope and terms of the delegation. B. In performing a delegated function, an agent owes a duty to the institution to
exercise reasonable care to comply with the scope and terms of the delegation. C. An institution that complies with Subsection A of this section is not liable for
the decisions or actions of an agent to which the function was delegated. D. By accepting delegation of a management or investment function from an institution
that is subject to the laws of this state, an agent submits to the jurisdiction of
the courts of this state in all proceedings arising from or related to the delegation
or the performance of the delegated function. E. An institution may delegate management and investment functions to its committees,
officers or employees as authorized by law of this state other than the Uniform Prudent
Management of Institutional Funds Act.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 46-9A-5
What does New Mexico Statutes Annotated § 46-9A-5 cover?
Section 46-9A-5 ("Delegation of management and investment functions") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 46-9A-5?
A common citation format is "New Mexico Statutes Annotated § 46-9A-5" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 46-9A-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.