45-7-509. General powers of custodial trustee.
77 words·~1 min read·
/nm/chapter-45-uniform-probate-code/article-7-trust-administration/45-7-509A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fudiciary [fiduciary] capacity only.
B. This section does not relieve a custodial trustee from liability for a violation of Section 45-7-508 NMSA 1978.
History: 1978 Comp., § 45-7-509, enacted by Laws 1992, ch. 66, § 56.