Notwithstanding any other provision of law, a credit union may establish share accounts and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.
§ 58-11-45 NMSA 1978
Payable-on-death accounts
Known as the Credit Union Act
The act spans §§ 58–58 (67 sections).
Laws 1987, ch. 311, § 45.
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.