Statutes > New Mexico Statutes > Chapter 45 - Uniform Probate Code. > Article 7 - Trust Administration, 45-7-101 through 45-7-612. > Section 45-7-509 - General powers of custodial trustee.

Section 45-7-509 - General powers of custodial trustee.

45-7-509. General powers of custodial trustee.

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.