New Mexico § 45-6-211 - Ownership during lifetime

§ 45-6-211. Ownership during lifetime

A. As used in this section, “net contribution” of a party means the sum of all deposits

to an account made by or for the party, less all payments from the account made to

or for the party which have not been paid to or applied to the use of another party

and a proportionate share of any charges deducted from the account, plus a proportionate

share of any interest or dividends earned, whether or not included in the current

balance. The term includes deposit life insurance proceeds added to the account by reason

of death of the party whose net contribution is in question. B. During the lifetime of all parties, an account belongs to the parties in proportion

to the net contribution of each to the sums on deposit, unless there is clear and

convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the

net contribution of each is presumed to be an equal amount. C. A beneficiary in an account having a POD designation has no right to sums on deposit

during the lifetime of any party. D. An agent in an account with an agency designation has no beneficial right to sums

on deposit.