N.M. Stat. § 46A-6-603
Settlor's powers; powers of withdrawal.
A. While a trust is revocable, the trustee may follow a direction of the settlor that is
contrary to the terms of the trust.
B. While a trust is revocable and the settlor has capacity to revoke the trust, rights
of the beneficiaries are subject to the control of, and the duties of the trustee are owed
exclusively to, the settlor.
C. During the period the power may be exercised, the holder of a power of
withdrawal has the rights of a settlor of a revocable trust under this section to the extent
of the property subject to the power.