2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations
Section 58-10-103 - Payment from savings account of decedent.

A. Where no executor or administrator of a deceased savings account depositor has qualified and given notice of his qualification to a savings and loan association, it may pay out of all savings accounts maintained with it by the deceased in his individual capacity all sums which do not exceed two thousand dollars ($2,000) in the aggregate:

(1) to the surviving spouse; or

(2) to the next of kin, in the above order of priority in case of conflicting claims.

B. A savings and loan association may, at any time after sixty days from the death of a depositor whose residence address, according to the books of the association, is outside this state, pay the balance of his accounts not exceeding two thousand dollars ($2,000) in the aggregate to an executor or administrator who has qualified in another state unless the association has received written notice of the appointment of an executor or administrator in this state.

C. No savings and loan association shall be liable for damage, penalty, tax or claims of creditors of the estate by reason of any payment or refusal to pay made pursuant to this section.

D. Payment under this section releases a savings and loan association from all liability for the amount paid.

History: 1953 Comp., § 48-15-143, enacted by Laws 1967, ch. 83, § 1.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 551.

Death of beneficiary as terminating or revoking trust of savings bank account over which settlor retains right of withdrawal or revocation, 64 A.L.R.3d 221.

9 C.J.S. Banks and Banking §§ 611, 613, 618.