Section 45-6-204 – Forms.
A. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of Sections 45-6-201 through 45-6-227 NMSA 1978 applicable to an account of that type: UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORM PARTIES (Name One or More Parties): __________________________________ __________________________________ […]
Section 45-6-205 – Designation of agent.
A. By a writing signed by all parties, the parties may designate as agent of all parties on an account a person other than a party. B. Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’s authority survives disability and […]
Section 45-6-206 – Applicability.
The provisions of Sections 45-6-211 through 45-6-216 NMSA 1978 concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors, and do not apply to the right of those persons to payment as determined by the terms of the account. Sections […]
Section 45-6-211 – Ownership during lifetime.
A. As used in this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate […]
Section 45-6-212 – Rights at death.
A. Except as otherwise provided in this part, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under […]
Section 45-6-213 – Alteration of rights.
A. Rights at death under Section 45-6-212 NMSA 1978 are determined by the terms of the account at the death of a party. The terms of the account may be altered by written notice given by a party to the financial institution to change the terms of the account or stop or vary payment under […]
Section 45-6-214 – Accounts and transfers nontestamentary.
Except as a consequence of, and to the extent directed by, Section 45-6-215 NMSA 1978, a transfer resulting from the application of Section 45-6-212 NMSA 1978 is effective by reason of the terms of the account involved and Sections 45-6-201 through 45-6-227 NMSA 1978 and is not testamentary or subject to Chapter 45, Articles 1 […]
Section 45-6-215 – Repealed.
History: 1978 Comp., § 45-6-215, enacted by Laws 1992, ch. 66, § 28; repealed by Laws 2005, ch. 143, § 18. ANNOTATIONS Repeals. — Laws 2005, ch. 143, § 18 repealed 45-6-215 NMSA 1978, as enacted by Laws 1992, ch. 66, § 28, relating to rights of creditors, effective July 1, 2005. For provisions of […]
Section 45-6-201 – Definitions.
As used in Sections 45-6-201 through 45-6-227 NMSA 1978: A. “account” means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit and share account; B. “agent” means a person authorized to make account transactions for a party; C. “beneficiary” means a person named […]