New Mexico Statutes 45-6-221. Authority of financial institution
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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.
Terms Used In New Mexico Statutes 45-6-221
- Contract: A legal written agreement that becomes binding when signed.