New Mexico § 45-6-226 - Discharge
Full text of New Mexico New Mexico Statutes Annotated § 45-6-226 — Discharge, with citation guidance and answers to common questions.
§ 45-6-226. Discharge
A. Payment made pursuant to Sections 45-6-201 through 45-6-227 NMSA 1978 in accordance with the terms of the account discharges the financial institution
from all claims for amounts so paid, whether or not the payment is consistent with
the beneficial ownership of the account as between parties, beneficiaries or their
successors. Payment may be made whether or not a party, beneficiary or agent is disabled, incapacitated
or deceased when payment is requested, received or made. B. Protection under this section does not extend to payments made after a financial
institution has received written notice from a party, or from the personal representative,
surviving spouse or heir or devisee of a deceased party, to the effect that payments
in accordance with the terms of the account, including one having an agency designation,
should not be permitted, and the financial institution has had a reasonable opportunity
to act on it when the payment is made. Unless the notice is withdrawn by the person giving it, the successor of any deceased
party must concur in a request for payment if the financial institution is to be protected
under this section. Unless a financial institution has been served with process in an action or proceeding,
no other notice or other information shown to have been available to the financial
institution affects its right to protection under this section. C. A financial institution that receives written notice pursuant to this section or
otherwise has reason to believe that a dispute exists as to the rights of the parties
may refuse, without liability, to make payments in accordance with the terms of the
account. D. Protection of a financial institution under this section does not affect the rights
of parties in disputes between themselves or their successors concerning the beneficial
ownership of sums on deposit in accounts or payments made from accounts.
Frequently Asked Questions About New Mexico § 45-6-226
What does New Mexico Statutes Annotated § 45-6-226 cover?
Section 45-6-226 ("Discharge") 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 § 45-6-226?
A common citation format is "New Mexico Statutes Annotated § 45-6-226" (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 § 45-6-226 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.