45-7-105. Registration; qualification of foreign trustee.

137 words·~1 min read·/nm/chapter-45-uniform-probate-code/article-7-trust-administration/45-7-105

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A foreign corporate trustee is required to qualify as a foreign corporation doing business in New Mexico if it maintains the principal place of administration of any trust within the state. A foreign corporate cotrustee is not required to qualify in New Mexico solely because its cotrustee maintains the principal place of administration in New Mexico. Unless otherwise doing business in New Mexico, local qualification by a foreign trustee, corporate or individual, is not required in order for the trustee to receive distribution from a local estate or to hold, invest in, manage or acquire property located in this state, or maintain litigation.

B. Nothing in this section affects a determination of what other acts require qualification as doing business in New Mexico.

History: 1953 Comp., § 32A-7-105, enacted by Laws 1975, ch. 257, § 7-105.