New Mexico Statutes 45-2-708. Class gifts to descendants, issue or heirs of the body;
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form of distribution if none specified.
Terms Used In New Mexico Statutes 45-2-708
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Intestate: Dying without leaving a will.
If a class gift in favor of “descendants”, “issue” or “heirs of the body” does not specify the manner in which the property is to be distributed among the class members, the property is distributed among the class members who are living when the interest is to take effect in possession or enjoyment in such shares as they would receive pursuant to the applicable law of intestate succession if the designated ancestor had then died intestate owning the subject matter of the class gift.