Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship. - New Mexico Statutes

45-7-507. Multiple beneficiaries; separate custodial trusts; survivorship.

A.     Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary.  Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.   

B.     Custodial trust property held under the Uniform Custodial Trust Act [45-7-501 NMSA 1978] by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.   

C.     A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to Sections 45-7-508 and 45-7-516 NMSA 1978 for the administration of the custodial trust.