A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, marital property agreement or other written instrument of a similar nature is nontestamentary. This section includes a written provision that:
A. money or other benefits due to, controlled by or owned by a decedent before death must be paid after the decedent's death to a person whom the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later;
B. money due or to become due under the instrument ceases to be payable in the event of death of the promisee or the promisor before payment or demand; or
C. any property controlled by or owned by the decedent before death that is the subject of the instrument passes to a person the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later.
History: 1978 Comp., § 45-6-101, enacted by Laws 1992, ch. 66, § 17; 2005, ch. 143, § 2.
Compiler's notes. — Laws 1992, ch. 66, § 71 repealed former 45-6-101 NMSA 1978, as enacted by Laws 1975, ch. 257, § 6-101, relating to definitions relevant to multiple-party accounts, effective July 1, 1992. Laws 1992, ch. 66, § 17 enacted a new version of this section, effective July 1, 1992. For present comparable provisions, see 45-6-201 NMSA 1978.
The 2005 amendment, effective July 1, 2005, deleted former Subsection B that provided that this section does not limit right of creditors under other laws of the state.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Deeds: effect of Uniform Probate Code § 6-201, providing that certain instruments attempting to pass property at death shall be deemed nontestamentary, 81 A.L.R.4th 1122.
94 C.J.S. Wills § 136.
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