Section 45-6-307 – Ownership of [on] death of owner.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form […]
Section 45-6-308 – Protection of registering entity.
A. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by Sections 45-6-301 through 45-6-311 NMSA 1978. […]
Section 45-6-309 – Nontestamentary transfer on death.
A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and Sections 45-6-301 through 45-6-311 NMSA 1978 and is not testamentary. History: 1978 Comp., § 45-6-309, enacted by Laws 1992, ch. 66, § 45; 2005, ch. 143, […]
Section 45-6-310 – Terms, conditions and forms for registration.
A. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for: (1) registrations in beneficiary form; and (2) implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change […]
Section 45-6-311 – Applicability.
Sections 45-6-301 through 45-6-311 NMSA 1978 apply to registrations of securities in beneficiary form made before or after July 1, 1992, by decedents dying on or after July 1, 1992. History: 1978 Comp., § 45-6-311, enacted by Laws 1992, ch. 66, § 47.
Section 45-6-401 – Short title.
Sections 45-6-401 through 45-6-417 NMSA 1978 may be cited as the “Uniform Real Property Transfer on Death Act”. History: Laws 2001, ch. 236, § 1; repealed and reenacted by Laws 2013, ch. 38, § 1. ANNOTATIONS Repeals and reenactments. — Laws 2013, ch. 38, § 1 repealed former 45-6-401 NMSA 1978, as enacted by Laws […]
Section 45-6-301 – Definitions.
As used in Sections 45-6-301 through 45-6-311 NMSA 1978: A. “beneficiary form” means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner; B. “register”, including its derivatives, means […]
Section 45-6-302 – Registration in beneficiary form; sole or joint tenancy ownership.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants […]
Section 45-6-216 – Community property.
A. A deposit of community property in an account does not alter the community character of the property or community rights in the property, if any, but a right of survivorship between parties married to each other arising from the express terms of the account or Section 45-6-212 NMSA 1978 may not be altered by […]
Section 45-6-221 – Authority of financial institution.
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not […]