New Mexico § 46-3A-407 - Insurance policies and similar contracts
Full text of New Mexico New Mexico Statutes Annotated § 46-3A-407 — Insurance policies and similar contracts, with citation guidance and answers to common questions.
§ 46-3A-407. Insurance policies and similar contracts
(a) Except as otherwise provided in Subsection (b), a trustee shall allocate to principal
the proceeds of a life insurance policy or other contract in which the trust or its
trustee is named as beneficiary, including a contract that insures the trust or its
trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums
on the policy are paid from income and to principal if the premiums are paid from
principal. (b) A trustee shall allocate to income proceeds of a contract that insures the trustee
against loss of occupancy or other use by an income beneficiary, loss of income or,
subject to Section 403, loss of profits from a business. (c) This section does not apply to a contract to which Section 409 applies.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 46-3A-407
What does New Mexico Statutes Annotated § 46-3A-407 cover?
Section 46-3A-407 ("Insurance policies and similar contracts") 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 § 46-3A-407?
A common citation format is "New Mexico Statutes Annotated § 46-3A-407" (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 § 46-3A-407 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.