Section 45-6-306 – Effect of registration in beneficiary form.
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary. History: 1978 Comp., […]
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 45-6-223 – Payment on POD designation.
A financial institution, on request, may pay sums on deposit in an account with a POD designation to: A. one or more of the parties, whether or not another party is disabled, incapacitated or deceased when the payment is requested and whether or not a party survives another party; B. the beneficiary or beneficiaries, if […]
Section 45-6-224 – Payment to designated agent.
A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated or deceased when the request is made or received, and whether or not the authority of the agent terminates on the […]
Section 45-6-225 – Payment to minor.
If a financial institution is required or permitted to make payment pursuant to Sections 45-6-201 through 45-6-227 NMSA 1978 to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]. History: 1978 Comp., § 45-6-225, enacted by Laws 1992, ch. 66, § […]
Section 45-6-226 – Discharge.
A. Payment made pursuant to Sections 45-6-201 through 45-6-227 NMSA 1978 in accordance with the terms of the account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries or their successors. Payment may be made […]