A. Except as provided in Subsections B and C of this section and except as provided in Subsection A of Section 45-2-905 NMSA 1978, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
B. Under Sections 45-2-901 through 45-2-905 NMSA 1978, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified owner of either a nonvested property interest or a property interest subject to a power of appointment as described in Subsection B or C of Section 45-2-901 NMSA 1978, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. Under Sections 45-2-901 through 45-2-905 NMSA 1978, a joint power with respect to community property or to marital property under the Uniform Marital Property Act held by individuals married to each other is a power exercisable by one person alone.
C. Under Sections 45-2-901 through 45-2-905 NMSA 1978, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.
History: 1978 Comp., § 45-2-1002, enacted by Laws 1992, ch. 66, § 2; recompiled as 1978 Comp., § 45-2-902 by Laws 1993, ch. 174, § 66; 1995, ch. 210, § 25.
Official comments. — See Commissioners on Uniform State Law official comment to 2-902 UPC.
Repeals. — Laws 1993, ch. 174, § 84 repealed former 45-2-902 NMSA 1978, as enacted by Laws 1975, ch. 257, § 2-902, relating to the duty and liability of the custodian of a will, effective July 1, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
The 1995 amendment, effective July 1, 1995, substituted "Section 45-2-905 NMSA 1978" for "Section 45-2-1005 NMSA 1978" in Subsection A; substituted "Section 45-2-901 NMSA 1978" for "Section 45-2-1001 NMSA 1978" in the first sentence of Subsection B; and substituted "Sections 45-2-901 through 45-2-905 NMSA 1978" for "Sections 45-2-1001 through 45-2-1005 NMSA 1978" in two places in Subsection B and in Subsection C.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.