New Mexico Statutes 6-8A-4. Accounts
Current as of: 2023 | Check for updates
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A. An account owner may:
Terms Used In New Mexico Statutes 6-8A-4
- 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
- Fiduciary: A trustee, executor, or administrator.
(1) establish an account with a financial organization or fiduciary;
(2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and
(3) change the owner of an account to a family member of a designated beneficiary; provided that the family member is an eligible person.
B. More than one person may contribute to an account.
C. A person shall not be the designated beneficiary of more than one account.