New Mexico § 46-9A-2 - Definitions
Full text of New Mexico New Mexico Statutes Annotated § 46-9A-2 — Definitions, with citation guidance and answers to common questions.
§ 46-9A-2. Definitions
As used in the Uniform Prudent Management of Institutional Funds Act: A. “ charitable purpose ” means the relief of poverty, advancement of education or religion, promotion of
health, promotion of a governmental purpose or any other purpose the achievement of
which is beneficial to the community; B. “ endowment fund ” means an institutional fund or part thereof that, pursuant to the terms of a gift
instrument, is not wholly expendable by the institution on a current basis. “Endowment fund” does not include assets that an institution designates as an endowment
fund for its own use; C. “ gift instrument ” means a record or records, including an institutional solicitation, pursuant to
which property is granted to, transferred to or held by an institution as an institutional
fund; D. “ institution ” means: (1) a person, other than an individual, organized and operated exclusively for charitable
purposes; (2) a government or governmental subdivision, agency or instrumentality, to the extent
that it holds funds exclusively for a charitable purpose; or (3) a trust that had both charitable and noncharitable interests, after all noncharitable
interests have terminated; E. “ institutional fund ” means a fund held by an institution exclusively for charitable purposes. “Institutional fund” does not include: (1) program-related assets; (2) a fund held for an institution by a trustee that is not an institution; (3) a fund in which a beneficiary that is not an institution has an interest, other
than an interest that could arise upon violation or failure of the purposes of the
fund; (4) a fund established pursuant to the provisions of Article 8, Section 10 of the constitution of New Mexico ; or (5) a fund established pursuant to the provisions of Article 12, Section 2 of the constitution of New Mexico ; F. “ person ” means an individual, corporation, business trust, estate, trust, partnership, limited
liability company, association, joint venture, public corporation, government or governmental
subdivision, agency or instrumentality or any other legal or commercial entity; G. “ program-related asset ” means an asset held by an institution primarily to accomplish a charitable purpose
of the institution and not primarily for investment; and H. “ record ” means information that is inscribed on a tangible medium or that is stored in an
electronic or other medium and is retrievable in perceivable form.
Frequently Asked Questions About New Mexico § 46-9A-2
What does New Mexico Statutes Annotated § 46-9A-2 cover?
Section 46-9A-2 ("Definitions") 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-2?
A common citation format is "New Mexico Statutes Annotated § 46-9A-2" (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-2 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.