New Mexico § 46-14-2 - Definitions

§ 46-14-2. Definitions

As used in the Uniform Directed Trust Act: A. “ breach of trust ” includes a violation by a trust director or trustee of a duty imposed on that director

or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another

law of New Mexico pertaining to trusts; B. “ directed trust ” means a trust for which the terms of the trust grant a power of direction; C. “ directed trustee ” means a trustee that is subject to a trust director's power of direction; D. “ person ” means an individual; estate; business or nonprofit entity; public corporation;

government; governmental subdivision, agency or instrumentality; or other legal

entity; E. “ power of direction ”: (1) means a power over a trust granted to a person by the terms of the trust to the

extent the power is exercisable while the person is not serving as a trustee; (2) includes a power over the investment, management or distribution of trust property

or other matters of trust administration; and (3) excludes the powers described in Subsection B of Section 5 of the Uniform Directed

Trust Act; F. “ settlor ” means a person, including a testator, that creates, or contributes property to,

a trust. If more than one person creates or contributes property to a trust, each person

is a settlor of the portion of the trust property attributable to that person's contribution

except to the extent another person has the power to revoke or withdraw that portion; G. “ state ” means a state of the United States, the District of Columbia, Puerto Rico, the United

States Virgin Islands or any other territory or possession subject to the jurisdiction

of the United States; H. “ terms of a trust ” means: (1) except as otherwise provided in Paragraph (2) of this subsection, the manifestation

of the settlor's intent regarding a trust's provisions as: (a) expressed in the trust instrument; or (b) established by other evidence that would be admissible in a judicial proceeding;

or (2) the trust's provisions as established, determined or amended by: (a) a trustee or trust director in accordance with applicable law; (b) court order; or (c) a nonjudicial settlement agreement under Section 46A-1-111 NMSA 1978; I. “ trust director ” means a person that is granted a power of direction by the terms of a trust to the

extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the

person as a trust director and whether or not the person is a beneficiary or settlor

of the trust; and J. “ trustee ” includes an original, additional and successor trustee and a co-trustee.