New Mexico Statutes 45-6-222. Payment on multiple-party account
Current as of: 2023 | Check for updates
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A financial institution, on request, may pay sums on deposit in a multiple-party account to:
Terms Used In New Mexico Statutes 45-6-222
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
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.