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MILLER v. BANK OF AMERICA, N.A.

No. 34,554.

352 P.3d 1162 (2015)

2015-NMSC-022

George Robert MILLER, Barbara Jean Miller, and Charles Richard Miller, Plaintiffs-Petitioners, v. BANK OF AMERICA, N.A., as Trustee of the Qualified Terminable Interest Marital Trust and Family Trust created under the Last Will and Testament of Rudolph C. Miller, Jr., Deceased, Defendant-Respondent.

Supreme Court of New Mexico.

June 15, 2015.

Attorney(s) appearing for the Case

Tucker Law Firm, P.C., Steven Lee Tucker , Catron, Catron, Pottow & Glassman, P.A., Michael T. Pottow , Santa Fe, NM, for Petitioners.

Keleher & McLeod, P.A., Thomas C. Bird , Phil Krehbiel , Cassandra R. Malone , Albuquerque, NM, for Respondent.

The Cullen Law Firm, P.C., Christopher Cullen , Santa Fe, NM, Benjamin N. Cardozo School of Law, Melanie B. Leslie , New York, NY, for Amicus Curiae Trust Law Professors.

OPINION

{1} The New Mexico Uniform Trust Code provides that when a trustee breaches its duty of care and causes a loss to the trust, that lost value must be returned to the trust as restoration damages. It also provides that when a trustee breaches its duty of loyalty by self-dealing, any profit from such...

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