New Mexico § 58-10-60 Power of attorney on savings accounts

New Mexico Statutes

§ 58-10-60 — Power of attorney on savings accounts

New Mexico·Ch. 58 Financial Institutions and Regulations·Art. 10 Savings and Loan Associations

Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incapacity of the member constitutes written notice of revocation of the authority of his attorney-in-fact. No association or federal association is liable for damages, penalty or tax by reason of any payment made pursuant to this section.

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Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incapacity of the member constitutes written notice of revocation of the authority of his attorney-in-fact. No association or federal association is liable for damages, penalty or tax by reason of any payment made pursuant to this section.

New Mexico § 58-10-60 (Power of attorney on savings accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.