reglab/housing_qa huggingface dataset:
NM Stat § 45-6-202 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 1 - Definitions And General Provisions|Section 45-6-202 - Limitation on scope.

Sections 45-6-201 through 45-6-227 NMSA 1978 do not apply to: A. an account established for a partnership, joint venture or other organization for a business purpose; B. an account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or C. a fiduciary or trust account in which the relationship is established other than by the terms of the account. History: 1978 Comp., § 45-6-202, enacted by Laws 1992, ch. 66, § 19.
NM Stat § 45-6-203 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 1 - Definitions And General Provisions|Section 45-6-203 - Types of account; existing accounts.

A. An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to Subsection C of Section 45-6-212 NMSA 1978, either a single-party account or a multiple-party account may have a POD designation, an agency designation or both. B. An account established before, on or after the effective date of Sections 45-6-201 through 45-6-227 NMSA 1978, whether in the form prescribed in Section 45-6-204 NMSA 1978 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation or an agency designation, within the meaning of, and governed by Sections 45-6-201 through 45-6-227 NMSA 1978. History: 1978 Comp., § 45-6-203, enacted by Laws 1992, ch. 66, § 20.
NM Stat § 45-6-204 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 1 - Definitions And General Provisions|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):   || __________________________________ __________________________________   || OWNERSHIP (Select One And Initial):   || ____ ____  ____    SINGLE-PARTY ACCOUNT  MULTIPLE-PARTY ACCOUNT Parties own account in proportion to net contributions unless there is clear and  convincing evidence of a different intent.   || RIGHTS AT DEATH (Select One And Initial):   || ____ ____    SINGLE-PARTY ACCOUNT  At death of party, ownership passes as part of party's estate. SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH)   ||   DESIGNATION  (Name One or More Beneficiaries): __________________________________ __________________________________ At death of party ownership passes to POD beneficiaries and is not part of  party's estate.   || ____    MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties.   || ____    MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH) DESIGNATION (Name One or More Beneficiaries): __________________________________ __________________________________ At death of last surviving party, ownership passes to POD beneficiaries and is  not part of last surviving party's estate.   || ____    MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP At death of party, deceased party's ownership passes as part of deceased party's  estate.   || AGENCY (POWER OF ATTORNEY) DESIGNATION (Optional)   ||   Agents may make account transactions for parties but have no ownership or  rights at death unless named as POD beneficiaries.  (To Add Agency Designation To Account, Name One or More Agents):   || __________________________________ __________________________________  (Select One and Initial):   ||   ____ AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY  OF PARTIES  ____ AGENCY DESIGNATION TERMINATES ON DISABILITY OR  INCAPACITY OF PARTIES.   |B. A contract of deposit that does not contain provisions in substantially the form provided in Subsection A of this section is governed by the provisions of Sections 45-6-201 through 45-6-227 NMSA 1978 applicable to the type of account that most nearly conforms to the depositor's intent. History: 1978 Comp., § 45-6-204, enacted by Laws 1992, ch. 66, § 21.
NM Stat § 45-6-205 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 1 - Definitions And General Provisions|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 incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated. C. Death of the sole party or last surviving party terminates the authority of an agent. History: 1978 Comp., § 45-6-205, enacted by Laws 1992, ch. 66, § 22; 2011, ch. 124, § 84. ANNOTATIONSThe 2011 amendment, effective January 1, 2012, provided that the death of the sole party or last surviving party to a writing terminates the authority of an agent.
NM Stat § 45-6-206 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 1 - Definitions And General Provisions|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 45-6-221 through 45-6-227 NMSA 1978 govern the liability and set-off rights of financial institutions that make payments pursuant to those sections. History: 1978 Comp., § 45-6-206, enacted by Laws 1992, ch. 66, § 23.
NM Stat § 45-6-211 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 2 - Ownership As Between PartiesAnd Others|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 share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term includes deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question. B. During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount. C. A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party. D. An agent in an account with an agency designation has no beneficial right to sums on deposit. History: 1978 Comp., § 45-6-211, enacted by Laws 1992, ch. 66, § 24.
NM Stat § 45-6-213 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 2 - Ownership As Between PartiesAnd Others|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 the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime. B. A right of survivorship arising from the express terms of the account, Section 45-6-212 NMSA 1978 or a POD designation, may not be altered by will. History: 1978 Comp., § 45-6-213, enacted by Laws 1992, ch. 66, § 26; 1995, ch. 210, § 80. ANNOTATIONSThe 1995 amendment, effective July 1, 1995, substituted "terms of the account" for "type of account" in three places in Subsection A.
NM Stat § 45-6-214 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 2 - Ownership As Between PartiesAnd Others|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 through 4 NMSA 1978. History: 1978 Comp., § 45-6-214, enacted by Laws 1992, ch. 66, § 27.
NM Stat § 45-6-215 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 2 - Ownership As Between PartiesAnd Others|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.ANNOTATIONSRepeals. — 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 former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 45-6-216 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 2 - Ownership As Between PartiesAnd Others|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 will or other governing instrument. B. This section does not affect or limit the right of a financial institution to make payments pursuant to Sections 45-6-211 through 45-6-227 NMSA 1978 and the deposit agreement. History: 1978 Comp., § 45-6-216, enacted by Laws 1992, ch. 66, § 29; 1993, ch. 174, § 83; 2011, ch. 124, § 85. ANNOTATIONSThe 2011 amendment, effective January 1, 2012, provided that this section does not limit the right of a financial institution to make payments. The 1993 amendment, effective July 1, 1993, deleted "and tenancy by the entireties" at the end of the section heading; deleted the subsection designation "A"; and deleted former Subsection B which read "Section 45-6-201 through 45-6-227 NMSA 1978 do not affect the law governing tenancy by the entireties."
NM Stat § 45-6-221 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|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 inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account. History: 1978 Comp., § 45-6-221, enacted by Laws 1992, ch. 66, § 30.
NM Stat § 45-6-222 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|Section 45-6-222 - Payment on multiple-party account.

A financial institution, on request, may pay sums on deposit in a multiple-party account to: A. one or more of the parties, whether or not another party is disabled, incapacitated or deceased when payment is requested and whether or not the party making the request survives another party; or B. the personal representative, if any, or, if there is none, the heirs or devisees of a deceased party if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under Section 45-6-212 NMSA 1978. History: 1978 Comp., § 45-6-222, enacted by Laws 1992, ch. 66, § 31.
NM Stat § 45-6-223 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|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 proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties; or C. the personal representative, if any, or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary. History: 1978 Comp., § 45-6-223, enacted by Laws 1992, ch. 66, § 32.
NM Stat § 45-6-224 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|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 disability or incapacity of a party. History: 1978 Comp., § 45-6-224, enacted by Laws 1992, ch. 66, § 33.
NM Stat § 45-6-225 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|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, § 34.
NM Stat § 45-6-226 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|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 whether or not a party, beneficiary or agent is disabled, incapacitated or deceased when payment is requested, received or made. B. Protection under this section does not extend to payments made after a financial institution has received written notice from a party, or from the personal representative, surviving spouse or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the account, including one having an agency designation, should not be permitted, and the financial institution has had a reasonable opportunity to act on it when the payment is made. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the financial institution is to be protected under this section. Unless a financial institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the financial institution affects its right to protection under this section. C. A financial institution that receives written notice pursuant to this section or otherwise has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the account. D. Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in accounts or payments made from accounts. History: 1978 Comp., § 45-6-226, enacted by Laws 1992, ch. 66, § 35; 1995, ch. 210, § 81. ANNOTATIONSThe 1995 amendment, effective July 1, 1995, substituted "terms of the account" for "type of account" in the first sentence in Subsection A.
NM Stat § 45-6-227 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 6 - Nonprobate Transfers|Part 2 - MULTIPLE-PERSON ACCOUNTS|Subpart 3 - Protection Of Financial Institutions|Section 45-6-227 - Set-off.

Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the proportion to which the party is, or immediately before death was, beneficially entitled under Section 45-6-211 NMSA 1978 or, in the absence of proof of that proportion, an equal share with all parties. History: 1978 Comp., § 45-6-227, enacted by Laws 1992, ch. 66, § 36.
NM Stat § 46-3A-401 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 1 - RECEIPTS FROM ENTITIES|Section 46-3A-401 - Character of receipts.

(a) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which Section 402 [46-3A-402 NMSA 1978] applies, a business or activity to which Section 403 [46-3A-403 NMSA 1978] applies or an asset-backed security to which Section 415 [46-3A-415 NMSA 1978] applies. (b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity. (c) A trustee shall allocate the following receipts from an entity to principal: (1) property other than money; (2) money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity; (3) money received in total or partial liquidation of the entity; and (4) money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes. (d) Money is received in partial liquidation: (1) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or (2) if the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt. (e) Money is not received in partial liquidation, nor may it be taken into account under Subsection (d) (2), to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money. (f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors. History: Laws 2001, ch. 113, § 401. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-402 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 1 - RECEIPTS FROM ENTITIES|Section 46-3A-402 - Distribution from trust or estate.

A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, Section 401 or 415 [46-3A-401 to 46-3A-415 NMSA 1978] applies to a receipt from the trust. History: Laws 2001, ch. 113, § 402. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-403 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 1 - RECEIPTS FROM ENTITIES|Section 46-3A-403 - Business and other activities conducted by trustee.

(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets. (b) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business. (c) Activities for which a trustee may maintain separate accounting records include: (1) retail, manufacturing, service and other traditional business activities; (2) farming; (3) raising and selling livestock and other animals; (4) management of rental properties; (5) extraction of minerals and other natural resources; (6) timber operations; and (7) activities to which Section 414 [46-3A-414 NMSA 1978] applies. History: Laws 2001, ch. 113, § 403. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.