New Mexico Statutes 45-6-309. Nontestamentary transfer on death
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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 N.M. Stat. Ann. and is not testamentary.
Terms Used In New Mexico Statutes 45-6-309
- 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
- Contract: A legal written agreement that becomes binding when signed.