Full Statute Name:  West's New Mexico Statutes Annotated. Chapter 46A. Uniform Trust Code. Article 4. Creation, Validity, Modification and Termination of Trust. § 46A-4-408. Trust for care of animal

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Primary Citation:  NMSA 1978, §46A-4-408 Country of Origin:  United States Last Checked:  January, 2024 Alternate Citation:  NM ST §46A-4-408 Date Adopted:  2003 Historical: 
Summary: Section 46A-4-408, was adopted in 2003, and did not repeal the previous pet trust law. However, in 2016, the original pet trust law (46A-4-407) was finally repealed. The new section follows the language of the Uniform Trust Code and simply states that a trust for the care of an animal alive during the settlor's lifetime is valid. The trust terminates upon the death of the last animal named and any excess trust property is distributed to the settlor, if living, or his or her successors in interest.

A. A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor's lifetime, upon the death of the last surviving animal.

B. A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.

C. Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.

L. 2003, Ch. 122, § 4, eff. July 1, 2003.

 

 
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