2006 New Mexico Statutes - 45-6-215 — Rights of creditors and others.

45-6-215. Rights of creditors and others.

A.     If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under Sections 45-6-201 through 45-6-227 NMSA 1978 is not effective against the estate of a deceased party to the extent needed to pay claims against the estate and statutory allowances to the surviving spouse and children.   

B.     A surviving party or beneficiary who receives payment from an account after death of a party is liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decendent [decedent], immediately before death, was beneficially entitled under Section 45-6-211 NMSA 1978, to the extent necessary to discharge the claims and allowances described in Subsection A of this section remaining unpaid after application of the decedent's estate.  A proceeding to assert the liability may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child or a person acting for a child of the decedent.  The proceeding must be commenced within one year after death of the decedent.   

C.     A surviving party or beneficiary against whom a proceeding to account is brought may join as a party to the proceeding a surviving party or beneficiary of any other account of the decedent.   

D.     Sums recovered by the personal representative must be administered as part of the decedent's estate.  This section does not affect the protection from claims of the personal representative or estate of a deceased party provided in Section 45-6-226 NMSA 1978 for a financial institution that makes payment in accordance with the terms of the account.