reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 5B - Uniform Power of Attorney › Part 4 › Section 45-5B-401 - Uniformity of application and construction.

In applying and construing the Uniform Power of Attorney Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.
History:
Laws 2007, ch. 135, § 401; 1978 Comp., § 46B-1-401 recompiled as § 45-5B-401 by Laws 2011, ch. 124, § 102.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 102 recompiled former 46B-1-401 NMSA 1978 as 45-5B-401 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 5B - Uniform Power of Attorney › Part 4 › Section 45-5B-402 - Relation to Electronic Signatures in Global and National Commerce Act.

The Uniform Power of Attorney Act modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that act, 15 U.S.C. Section 7003(b).
History:
Laws 2007, ch. 135, § 402; 1978 Comp., § 46B-1-402 recompiled as § 45-5B-402 by Laws 2011, ch. 124, § 102.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 102 recompiled former 46B-1-402 NMSA 1978 as 45-5B-402 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 5B - Uniform Power of Attorney › Part 4 › Section 45-5B-403 - Effect on existing powers of attorney.

Except as otherwise provided in the Uniform Power of Attorney Act, on July 1, 2007:
A. the Uniform Power of Attorney Act applies to a power of attorney created before, on or after July 1, 2007;
B. the Uniform Power of Attorney Act applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2007;
C. the Uniform Power of Attorney Act applies to a judicial proceeding concerning a power of attorney commenced before July 1, 2007 unless the court finds that application of a provision of that act would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of a party, in which case that provision does not apply and the superseded law applies; and
D. an act done before July 1, 2007 is not affected by the Uniform Power of Attorney Act.
History:
Laws 2007, ch. 135, § 403; 1978 Comp., § 46B-1-403 recompiled as § 45-5B-403 by Laws 2011, ch. 124, § 102.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 102 recompiled former 46B-1-403 NMSA 1978 as 45-5B-403 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-101 - Nonprobate transfers on death.

A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, marital property agreement or other written instrument of a similar nature is nontestamentary. This section includes a written provision that:
A. money or other benefits due to, controlled by or owned by a decedent before death must be paid after the decedent's death to a person whom the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later;
B. money due or to become due under the instrument ceases to be payable in the event of death of the promisee or the promisor before payment or demand; or
C. any property controlled by or owned by the decedent before death that is the subject of the instrument passes to a person the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later.
History:
1978 Comp., § 45-6-101, enacted by Laws 1992, ch. 66, § 17; 2005, ch. 143, § 2.
ANNOTATIONS
Compiler's notes.
— Laws 1992, ch. 66, § 71 repealed former 45-6-101 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-101, relating to definitions relevant to multiple-party accounts, effective July 1, 1992. Laws 1992, ch. 66, § 17 enacted a new version of this section, effective July 1, 1992. For present comparable provisions,
see
45-6-201 NMSA 1978.
The 2005 amendment,
effective July 1, 2005, deleted former Subsection B that provided that this section does not limit right of creditors under other laws of the state.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Deeds: effect of Uniform Probate Code § 6-201, providing that certain instruments attempting to pass property at death shall be deemed nontestamentary, 81 A.L.R.4th 1122.
94 C.J.S. Wills § 136.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-101.1 - Recompiled.

ANNOTATIONS
Compiler's notes.
— Laws 2001, ch. 236, § 1, relating to real property; transfer on death deed, was erroneously compiled as 45-6-101.1 NMSA 1978. It should have been compiled as 45-6-401 NMSA 1978 and now appears at that location.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-103 - Repealed.

History:
1953 Comp., § 32A-6-103, enacted by Laws 1975, ch. 257, § 6-103.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-103 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-103, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-104 - Repealed.

History:
1953 Comp., § 32A-6-104, enacted by Laws 1975, ch. 257, § 6-104.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-104 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-104, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-105 - Repealed.

History:
1953 Comp., § 32A-6-105, enacted by Laws 1975, ch. 257, § 6-105.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-105 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-105, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-106 - Repealed.

History:
1953 Comp., § 32A-6-106, enacted by Laws 1975, ch. 257, § 6-106.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-106 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-106, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-107 - Repealed.

History:
1953 Comp., § 32A-6-107, enacted by Laws 1975, ch. 257, § 6-107.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-107 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-107, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-108 - Repealed.

History:
1953 Comp., § 32A-6-108, enacted by Laws 1975, ch. 257, § 6-108.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-108 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-108, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-109 - Repealed.

History:
1953 Comp., § 32A-6-109, enacted by Laws 1975, ch. 257, § 6-109.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-109 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-109, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-110 - Repealed.

History:
1953 Comp., § 32A-6-110, enacted by Laws 1975, ch. 257, § 6-110.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-110 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-110, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-111 - Repealed.

History:
1953 Comp., § 32A-6-111, enacted by Laws 1975, ch. 257, § 6-111.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-111 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-111, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-112 - Repealed.

History:
1953 Comp., § 32A-6-112, enacted by Laws 1975, ch. 257, § 6-112.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-112 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-112, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 1 - PROVISIONS RELATING TO EFFECT OF DEATH › Section 45-6-113 - Repealed.

History:
1953 Comp., § 32A-6-113, enacted by Laws 1975, ch. 257, § 6-113.
ANNOTATIONS
Repeals.
— Laws 1992, ch. 66, § 71 repealed 45-6-113 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-113, relating to multiple-party accounts, effective July 1, 1992. For provisions of former section,
see
the 1991 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
45-6-201 to 45-6-227 NMSA 1978.
2023 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
The 1995 amendment,
effective July 1, 1995, substituted "terms of the account" for "type of account" in three places in Subsection A.
2023 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.
2023 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.
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 former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 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.
ANNOTATIONS
The 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."
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
The 1995 amendment,
effective July 1, 1995, substituted "terms of the account" for "type of account" in the first sentence in Subsection A.
2023 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.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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 to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities;
C. "registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities;
D. "security" means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account; and
E. "security account" means:
(1) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death;
(2) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death; or
(3) a natural person's investment, management or custody account with a trust company or bank with trust powers, including securities in the account, a cash balance in the account and cash, cash equivalents, interest, earnings or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death. Nothing in this paragraph affects interests in real property.
History:
1978 Comp., § 45-6-301, enacted by Laws 1992, ch. 66, § 37; 2008, ch. 8, § 1.
ANNOTATIONS
The 2008 amendment,
effective May 14, 2008, added Paragraph (3) of Subsection E.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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 by the entireties or as owners of community property held in survivorship form, and not as tenants in common.
History:
1978 Comp., § 45-6-302, enacted by Laws 1992, ch. 66, § 38.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › Section 45-6-303 - Registration in beneficiary form; applicable law.

A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
History:
1978 Comp., § 45-6-303, enacted by Laws 1992, ch. 66, § 39.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › Section 45-6-304 - Origination of registration in beneficiary form.

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
History:
1978 Comp., § 45-6-304, enacted by Laws 1992, ch. 66, § 40.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › Section 45-6-305 - Form of registration in beneficiary form.

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner and before the name of a beneficiary.
History:
1978 Comp., § 45-6-305, enacted by Laws 1992, ch. 66, § 41.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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., § 45-6-306, enacted by Laws 1992, ch. 66, § 42.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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 may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
History:
1978 Comp., § 45-6-307, enacted by Laws 1992, ch. 66, § 43.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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.
B. By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in Sections 45-6-301 through 45-6-311 NMSA 1978.
C. A registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisees of a deceased owner if it registers a transfer of the security in accordance with Section 45-6-307 NMSA 1978 and does so in good faith reliance on:
(1) the registration;
(2) Sections 45-6-301 through 45-6-311 NMSA 1978; and
(3) information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representative or by the surviving beneficiary's representatives, or other information available to the registering entity.
D. The protections of Sections 45-6-301 through 45-6-311 NMSA 1978 do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under Sections 45-6-301 through 45-6-311 NMSA 1978.
E. The protection provided by Sections 45-6-301 through 45-6-311 NMSA 1978 to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
History:
1978 Comp., § 45-6-308, enacted by Laws 1992, ch. 66, § 44.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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, § 4.
ANNOTATIONS
The 2005 amendment,
effective July 1, 2005, deleted former Subparagraph B that provided that Sections 45-6-301 to 45-6-311 NMSA 1978 do not limit the rights of creditors of security owners against beneficiaries and other transferees.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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 of beneficiary.
B. The terms and conditions established under Subsection A of this section may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes". This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
C. The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown Jr.;
(2) multiple owners-sole beneficiary: John S. Brown Mary B. Brown JT TEN TOD John S. Brown Jr.; and
(3) multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown Mary B. Brown JT TEN TOD John S. Brown Jr. SUB BENE Peter Q. Brown or John S. Brown Mary B. Brown JT TEN TOD John S. Brown Jr. LDPS.
History:
1978 Comp., § 45-6-310, enacted by Laws 1992, ch. 66, § 46.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 3 - TOD SECURITY REGISTRATION › 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.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › 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 2001, ch. 236, § 1, relating to real property, transfer on death deed, and enacted a new section effective January 1, 2014. For provisions of former section,
see
the 2013 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-402 - Definitions.

As used in the Uniform Real Property Transfer on Death Act:
A. "beneficiary" means a person that receives property under a transfer on death deed;
B. "designated beneficiary" means a person designated to receive property in a transfer on death deed;
C. "essential elements" means the names of the grantor and the grantee, a clause transferring title, a description of the property transferred, the grantor's signature and acknowledgment by the grantor in the presence of a notary public or in the presence of another individual authorized by law to take acknowledgments;
D. "joint owner" means an individual who owns property concurrently with one or more other individuals with a right of survivorship. "Joint owner" includes a joint tenant but does not include a tenant in common;
E. "person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality, or any other legal or commercial entity;
F. "property" means an interest in real property located in New Mexico that is transferable on the death of the owner;
G. "transfer on death deed" means a deed authorized under the Uniform Real Property Transfer on Death Act; and
H. "transferor" means an individual who makes a transfer on death deed.
History:
1978 Comp., § 45-6-402, enacted by Laws 2013, ch. 38, § 2.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 2 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-403 - Applicability.

The Uniform Real Property Transfer on Death Act applies to a transfer on death deed made before, on or after January 1, 2014 by a transferor dying on or after January 1, 2014.
History:
1978 Comp., § 45-6-403, enacted by Laws 2013, ch. 38, § 3.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 3 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-404 - Nonexclusivity.

The Uniform Real Property Transfer on Death Act does not affect any method of transferring property otherwise permitted under the laws of New Mexico.
History:
1978 Comp., § 45-6-404, enacted by Laws 2013, ch. 38, § 4.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 4 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-405 - Transfer on death deed authorized.

An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
History:
1978 Comp., § 45-6-405, enacted by Laws 2013, ch. 38, § 5.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 5 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-406 - Transfer on death deed revocable.

A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.
History:
1978 Comp., § 45-6-406, enacted by Laws 2013, ch. 38, § 6.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 6 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-407 - Transfer on death deed nontestamentary.

A transfer on death deed is nontestamentary.
History:
1978 Comp., § 45-6-407, enacted by Laws 2013, ch. 38, § 7.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 7 was effective January 1, 2014.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 6 - Nonprobate Transfers › Part 4 - UNIFORM REAL PROPERTY TRANSFER ON DEATH › Section 45-6-408 - Capacity of transferor.

The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will.
History:
1978 Comp., § 45-6-408, enacted by Laws 2013, ch. 38, § 8.
ANNOTATIONS
Effective dates.
— Laws 2013, ch. 38, § 18 provided that Laws 2013, ch. 38, § 8 was effective January 1, 2014.