New Mexico § 45-6-201 - Definitions

§ 45-6-201. Definitions

As used in Sections 45-6-201 through 45-6-227 NMSA 1978: A. “account” means a contract of deposit between a depositor and a financial institution,

and includes a checking account, savings account, certificate of deposit and share

account; B. “agent” means a person authorized to make account transactions for a party; C. “beneficiary” means a person named as one to whom sums on deposit in an account

are payable on request after death of all parties or for whom a party is named as

trustee; D. “financial institution” means an organization authorized to do business under state

or federal laws relating to financial institutions, and includes a bank, trust company,

savings bank, building and loan association, savings and loan company or association

and credit union; E. “multiple-party account” means an account payable on request to one or more of

two or more parties, whether or not a right of survivorship is mentioned; F. “party” means a person who, by the terms of an account, has a present right, subject

to request, to payment from the account other than as a beneficiary or agent; G. “payment” of sums on deposit includes withdrawal, payment to a party or third person

pursuant to check or other request and a pledge of sums on deposit by a party, or

a set-off, reduction or other disposition of all or part of an account pursuant to

a pledge; H. “POD designation” means the designation of: (1) a beneficiary in an account payable on request to one party during the party's

lifetime and on the party's death to one or more beneficiaries, or to one or more

parties during their lifetimes and on death of all of them to one or more beneficiaries;

or (2) a beneficiary in an account in the name of one or more parties as trustee for

one or more beneficiaries if the relationship is established by the terms of the account

and there is no subject of the trust other than the sums on deposit in the account,

whether or not payment to the beneficiary is mentioned; I. “receive”, as it relates to notice to a financial institution, means receipt in

the office or branch office of the financial institution in which the account is established,

but if the terms of the account require notice at a particular place, in the place

required; J. “request” means a request for payment complying with all terms of the account,

including special requirements concerning necessary signatures and regulations of

the financial institution; but, for purposes of Sections 45-6-201 through 45-6-227 NMSA 1978 , if terms of the account condition payment on advance notice, a request for payment

is treated as immediately effective and a notice of intent to withdraw is treated

as a request for payment; K. “sums on deposit” means the balance payable on an account, including interest and

dividends earned, whether or not included in the current balance, and any deposit

life insurance proceeds added to the account by reason of death of a party; and L. “terms of the account” includes the deposit agreement and other terms and conditions,

including the form, of the contract of deposit.