45-6-204. Forms.
339 words·~2 min read·
/nm/chapter-45-uniform-probate-code/article-6-nonprobate-transfers/45-6-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of Sections 45-6-201 through 45-6-227 NMSA 1978 applicable to an account of that type:
UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORM PARTIES
(Name One or More Parties):
__________________________________
__________________________________
OWNERSHIP (Select One And Initial):
SINGLE-PARTY ACCOUNT
____ MULTIPLE-PARTY ACCOUNT
____ Parties own account in proportion to net contributions unless there is
____ clear and
convincing evidence of a different intent.
RIGHTS AT DEATH (Select One And Initial):
____ SINGLE-PARTY ACCOUNT
At death of party, ownership passes as part of party's estate.
____ SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH)
DESIGNATION
(Name One or More Beneficiaries):
__________________________________
__________________________________
At death of party ownership passes to POD beneficiaries and is not part
of
party's estate.
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP
____
At death of party, ownership passes to surviving parties.
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP
AND POD (PAY ON DEATH) DESIGNATION
(Name One or More Beneficiaries):
____
__________________________________
__________________________________
At death of last surviving party, ownership passes to POD beneficiaries
and is
not part of last surviving party's estate.
MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP
At death of party, deceased party's ownership passes as part of
____
deceased party's
estate.
AGENCY (POWER OF ATTORNEY) DESIGNATION (Optional)
Agents may make account transactions for parties but have no
ownership or
rights at death unless named as POD beneficiaries.
(To Add Agency Designation To Account, Name One or More Agents):
__________________________________
__________________________________
(Select One and Initial):
____ AGENCY DESIGNATION SURVIVES DISABILITY OR
INCAPACITY
OF PARTIES
____ AGENCY DESIGNATION TERMINATES ON DISABILITY OR
INCAPACITY OF PARTIES.
B. A contract of deposit that does not contain provisions in substantially the form provided in Subsection A of this section is governed by the provisions of Sections 45-6- 201 through 45-6-227 NMSA 1978 applicable to the type of account that most nearly conforms to the depositor's intent.
History: 1978 Comp., § 45-6-204, enacted by Laws 1992, ch. 66, § 21.