A. Subject to Section 11 [46-14-11 NMSA 1978] of the Uniform Directed Trust Act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:
(1) the powers or duties of the trustee; and
(2) the powers or duties of the director.
B. Subject to Section 11 of the Uniform Directed Trust Act, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to:
(1) the powers or duties of the director; and
(2) the powers or duties of the trustee or other director.
C. A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trustee engages in willful misconduct.
D. A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trust director engages in willful misconduct.
History: Laws 2018, ch. 63, § 10.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 10 effective January 1, 2019.
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