A. In addition to the methods of termination prescribed by Sections 4-411 through 4-414 [46A-4-411 to 46A-4-414 NMSA 1978] of the Uniform Trust Code, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved or the purposes of the trust have become unlawful, contrary to public policy or impossible to achieve. B. A proceeding to approve or disapprove a proposed modification or termination under Sections 4-411 through 4-416 [46A-4-411 to 46A-4-416 NMSA 1978] of the Uniform Trust Code or a trust combination or division under Section 4-417 [46A-4-417 NMSA 1978] of that code may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under Section 4-411 [46A-4-411 NMSA 1978] of that code may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under Section 4-413 [46A-4-413 NMSA 1978] of that code. History: Laws 2003, ch. 122, § 4-410. Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Revocation of an irrevocable trust was not permissible under the UTC. — In a divorce proceeding, where wife appealed the district court's characterization of assets and debts as separate or community property and the court's division of marital assets and debts between her and husband, and where the district court found that the parties' residence was an asset of a revocable trust and was therefore community property, the district court erred in determining that the residence was held in a revocable trust, and therefore community property, and in revoking the trust; the testimony and documents in evidence conclusively established that the residence was an asset of the parties' irrevocable qualified personal residential trust for the benefit of the parties' son. Pursuant to the Uniform Trust Code (UTC), revocation of an irrevocable trust cannot be accomplished without the agreement of the beneficiary, together with other specific conditions, and in this case, the beneficiary of the trust, the parties' son, was not joined in the proceedings. Revocation of the trust in this case was not permissible under the UTC. Autrey v. Autrey , 2022-NMCA-042, cert. granted. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
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