New Mexico § 45-6-221 - Authority of financial institution
Full text of New Mexico New Mexico Statutes Annotated § 45-6-221 — Authority of financial institution, with citation guidance and answers to common questions.
§ 45-6-221. Authority of financial institution
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.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 45-6-221
What does New Mexico Statutes Annotated § 45-6-221 cover?
Section 45-6-221 ("Authority of financial institution") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 45-6-221?
A common citation format is "New Mexico Statutes Annotated § 45-6-221" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 45-6-221 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.