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.
§ 45-6-221 NMSA 1978
Authority of financial institution
Known as the Uniform Real Property Transfer on Death Act
The act spans §§ 45-6-101 to 45-6-417 (61 sections).
1978 Comp., § 45-6-221, enacted by Laws 1992, ch. 66, § 30.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.