A. A deposit of community property in an account does not alter the community character of the property or community rights in the property, if any, but a right of survivorship between parties married to each other arising from the express terms of the account or Section 45-6-212 NMSA 1978 may not be altered by will or other governing instrument.
B. This section does not affect or limit the right of a financial institution to make payments pursuant to Sections 45-6-211 through 45-6-227 NMSA 1978 and the deposit agreement.
History: 1978 Comp., § 45-6-216, enacted by Laws 1992, ch. 66, § 29; 1993, ch. 174, § 83; 2011, ch. 124, § 85.
The 2011 amendment, effective January 1, 2012, provided that this section does not limit the right of a financial institution to make payments.
The 1993 amendment, effective July 1, 1993, deleted "and tenancy by the entireties" at the end of the section heading; deleted the subsection designation "A"; and deleted former Subsection B which read "Section 45-6-201 through 45-6-227 NMSA 1978 do not affect the law governing tenancy by the entireties."
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