Statutes > New Mexico Statutes > Chapter 45 - Uniform Probate Code. > Article 6 - Nonprobate Transfers, 45-6-101 through 45-6-401. > Section 45-6-221 - Authority of financial institution.

Section 45-6-221 - Authority of financial institution.

45-6-221. Authority of financial institution.

A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account.  A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.