New Mexico § 45-5-107 - Separate accounts and records

§ 45-5-107. Separate accounts and records

A. A guardian or conservator shall not commingle the guardian's or conservator's funds

or investments with those held by the guardian or conservator as a fiduciary for a

minor or an adult. Funds and any investments held by the guardian or conservator as a fiduciary for

the minor or the adult shall be held in accounts that are separate from those of the

guardian or conservator. If a guardian or conservator serves as fiduciary for one or more individuals subject

to guardianship or conservatorship, the guardian or conservator shall hold the funds

and any investments held as a fiduciary in a separate account for each individual

subject to guardianship or conservatorship. Except as otherwise provided in the Uniform Probate Code, and to the extent that

is reasonable and customary, any other property held by the guardian or conservator

as a fiduciary for one or more individuals subject to guardianship or conservatorship

shall be titled separately: (1) from the guardian's or conservator's property; and (2) for each individual subject to guardianship or conservatorship. B. A court at any time may require a guardian to bring a proceeding for a conservatorship

if necessary or advisable to: (1) protect property of a minor or an adult, including any property held by the guardian

as a fiduciary for the minor or the adult; (2) conserve for the minor's future needs all funds of the minor not expended for

the minor's current needs; or (3) conserve for the adult's future needs all funds of the adult not expended for

the adult's current needs. C. The guardian or conservator shall maintain those books and records that are in

the possession, custody or control of the guardian or conservator and that concern

the funds, investments or other property held by the guardian or conservator as a

fiduciary for an individual for seven years, or for such other period as may be provided

by the court.