Chapter 45 — Chapter 45

History: 1953 Comp., § 32A-6-108, enacted by Laws 1975, ch. 257, § 6-108.

History: 1953 Comp., § 32A-6-109, enacted by Laws 1975, ch. 257, § 6-109.

History: 1953 Comp., § 32A-6-110, enacted by Laws 1975, ch. 257, § 6-110.

History: 1953 Comp., § 32A-6-111, enacted by Laws 1975, ch. 257, § 6-111.

History: 1953 Comp., § 32A-6-112, enacted by Laws 1975, ch. 257, § 6-112.

History: 1953 Comp., § 32A-6-113, enacted by Laws 1975, ch. 257, § 6-113.

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 m…

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 associat…

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 PO…

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 …

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 …

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 t…

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…

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 be…

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 payme…

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 t…

History: 1978 Comp., § 45-6-215, enacted by Laws 1992, ch. 66, § 28; repealed by Laws 2005, ch. 143, § 18.

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…

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 m…

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 anoth…

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…

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…

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 …

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 …

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 p…

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 o…

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 regist…

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 maki…

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 …

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, enacte…

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 consen…

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 reg…

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 …

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…

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…

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. PART 4 UNIFORM REAL PROPERTY …

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.

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 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.

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.

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.

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.

A transfer on death deed is nontestamentary. History: 1978 Comp., § 45-6-407, enacted by Laws 2013, ch. 38, § 7.

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.

A transfer on death deed shall: A. contain the essential elements and formalities of a properly recordable inter vivos deed; B. state that the transfer to the designated beneficiary is to occur at the transferor's death; and C. be recorded before the transferor's death in the pub…

required. A transfer on death deed does not require: A. notice or delivery to or acceptance by the designated beneficiary during the transferor's life; or B. consideration. History: 1978 Comp., § 45-6-410, enacted by Laws 2013, ch. 38, § 10.

not permitted. A. Subject to Subsection B of this section, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument: (1) is acknowledged by the transferor after the acknowledgment of the deed being revoked; (2) is recorded …

During a transferor's life, a transfer on death deed does not: A. affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property; B. affect an interest or right of a transferee, even if the transferee has actual or const…

A. Except as otherwise provided in the transfer on death deed or in Subsection B, C or D of this section or in Section 45-2-603, 45-2-702, 45-2-706, 45-2-707, 45-2-802, 45- 2-803 or 45-2-804 NMSA 1978, on the death of the transferor, the following rules apply to property that is …

A beneficiary may disclaim all or part of the beneficiary's interest as provided by the Uniform Disclaimer of Property Interests Act [Chapter 45, Article 2, Part 11 NMSA 1978]. History: 1978 Comp., § 45-6-414, enacted by Laws 2013, ch. 38, § 14.