A. Rights at death under Section 45-6-212 NMSA 1978 are determined by the terms of the account at the death of a party. The terms of the account may be altered by written notice given by a party to the financial institution to change the terms of the account or stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime.
B. A right of survivorship arising from the express terms of the account, Section 45-6-212 NMSA 1978 or a POD designation, may not be altered by will.
History: 1978 Comp., § 45-6-213, enacted by Laws 1992, ch. 66, § 26; 1995, ch. 210, § 80.
The 1995 amendment, effective July 1, 1995, substituted "terms of the account" for "type of account" in three places in Subsection A.
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