Section 45-5-405.1 - Protective arrangements and single transactions authorized. - New Mexico Statutes

45-5-405.1. Protective arrangements and single transactions authorized.

A.     If after notice in accordance with Section 45-5-405 NMSA 1978 to all interested persons, as defined in Section 45-1-201 NMSA 1978, and after hearing, it is established that a basis exists as described in Section 45-5-401 NMSA 1978, for affecting the estate and financial affairs of a person, the court, without appointing a conservator, may authorize, direct or ratify any transaction necessary or desirable to achieve any security, service or care arrangement meeting the foreseeable needs of the person. The court shall appoint a guardian ad litem to represent the interests of the person at the hearing. Protective arrangements and single transactions include:   

(1)     payment, delivery, deposit or retention of funds or property;   

(2)     sale, mortgage, lease or other transfer of property;   

(3)     entry into an annuity contract, a contract for life care, a deposit contract and a contract for training and education; and   

(4)     addition to or establishment of a trust.   

B.     When it has been established in a proceeding authorized by this section that a basis exists as described in Section 45-5-401 NMSA 1978 for affecting the estate and financial affairs of a person, the court, without appointing a conservator, may authorize, direct or ratify any contract, trust or other single transaction relating to the protected person's estate and financial affairs if the court finds that the transaction is in the best interests of the protected person.   

C.     Before approving a transaction under this section, the court shall consider the interests of creditors and dependents of the protected person and, in view of the disability, whether the protected person needs the continuing protection of a conservator.  The court may appoint one or more persons to assist in the accomplishment of any protective arrangement or other transaction authorized under this section.  That person shall have the authority conferred by order of the court, shall serve until discharged by order of the court and shall report to the court of all matters done pursuant to the court's order.