Section 58-11-45 - Payable-on-death accounts. - New Mexico Statutes

58-11-45. Payable-on-death accounts.

Notwithstanding any other provision of law, a credit union may establish share accounts and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.