New Mexico § 45-5-103 Facility of payment or delivery

New Mexico Statutes

§ 45-5-103 — Facility of payment or delivery

New Mexico § 45-5-103

Ch. 45Uniform Probate Code

Art. 5Protection of Persons Under Disability and Their

This text of New Mexico § 45-5-103 (Facility of payment or delivery) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 45-5-103 (2026).

Text

A. A person under a duty to pay or deliver money or personal property to a minor may perform this duty, in amounts not exceeding ten thousand dollars ($10,000) per year, by paying or delivering the money or property to:

(1)a person having the care and custody of the minor and with whom the minor resides;

(2)a guardian of the minor;

(3)a financial institution for deposit in a federally insured savings account in the sole name of the minor and giving notice of the deposit to the minor; or (4) a custodian for the minor pursuant to the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]. B. This section does not apply if the person making payment or delivery has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of

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A. A person under a duty to pay or deliver money or personal property to a minor may perform this duty, in amounts not exceeding ten thousand dollars ($10,000) per year, by paying or delivering the money or property to: (1) a person having the care and custody of the minor and with whom the minor resides; (2) a guardian of the minor; (3) a financial institution for deposit in a federally insured savings account in the sole name of the minor and giving notice of the deposit to the minor; or (4) a custodian for the minor pursuant to the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]. B. This section does not apply if the person making payment or delivery has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of the minor are pending. The persons, other than the minor or any financial institution under Paragraph (4) of Subsection A of this section, receiving money or property for a minor are obligated to apply the money to the support and education of the minor but shall not pay themselves except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor's support. Any excess sums shall be preserved for future support of the minor, and any balance not so used and any property received for the minor shall be turned over to the minor when the minor ceases to be a minor. Persons who pay or deliver in accordance with provisions of this section are not responsible for the proper application of such payments.