N.M. Stat. § 45-6-204

Current through 2024, ch. 69

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.

NMS § 45-6-204

1978 Comp., § 45-6-204, enacted by Laws 1992, ch. 66, § 21.