New Mexico § 46-12-114 - Protection of charitable interest

§ 46-12-114. Protection of charitable interest

A. As used in this section: (1) “ determinable charitable interest ” means a charitable interest that is a right to a mandatory distribution currently,

periodically, on the occurrence of a specified event or after the passage of a specified

time and that is unconditional or will be held solely for charitable purposes; and (2) “ unconditional ” means not subject to the occurrence of a specified event that is not certain to

occur, other than a requirement in a trust instrument that a charitable organization

be in existence or qualify under a particular provision of the United States Internal

Revenue Code of 1986, as amended, on the date of the distribution if the charitable

organization meets the requirement on the date of determination. B. If a first trust contains a determinable charitable interest, the attorney general

has the rights of a qualified beneficiary and may represent and bind the charitable

interest. C. If a first trust contains a charitable interest, the second trust or trusts shall

not: (1) diminish the charitable interest; (2) diminish the interest of an identified charitable organization that holds the

charitable interest; (3) alter any charitable purpose stated in the first-trust instrument; or (4) alter any condition or restriction related to the charitable interest. D. If there are two or more second trusts, the second trusts shall be treated as one

trust for purposes of determining whether the exercise of the decanting power diminishes

the charitable interest or diminishes the interest of an identified charitable organization

for purposes of Subsection C of this section. E. If a first trust contains a determinable charitable interest, the second trust

or trusts that include a charitable interest pursuant to Subsection C of this section

shall be administered under New Mexico law unless: (1) the attorney general, after receiving notice under Section 1-107 of the Uniform

Trust Decanting Act, fails to object in a signed record delivered to the authorized

fiduciary within the notice period; (2) the attorney general consents in a signed record to the second trust or trusts

being administered under the law of another jurisdiction; or (3) the court approves the exercise of the decanting power. F. The Uniform Trust Decanting Act does not limit the powers and duties of the attorney

general under New Mexico law other than that act.