Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the proportion to which the party is, or immediately before death was, beneficially entitled under Section 45-6-211 NMSA 1978 or, in the absence of proof of that proportion, an equal share with all parties.
History: 1978 Comp., § 45-6-227, enacted by Laws 1992, ch. 66, § 36.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 6 - Nonprobate Transfers
Part 2 - MULTIPLE-PERSON ACCOUNTS
Subpart 3 - Protection Of Financial Institutions
Section 45-6-221 - Authority of financial institution.
Section 45-6-222 - Payment on multiple-party account.
Section 45-6-223 - Payment on POD designation.
Section 45-6-224 - Payment to designated agent.