§ 58-11-44 — Trust accounts

New Mexico § 58-11-44

• Jurisdiction: New Mexico
• Ch. 58: Financial Institutions and Regulations
• Art. 11: Credit Unions

Text

A. Share accounts and deposit accounts may be owned by a member in trust for a beneficiary or owned by a non-member in trust for a beneficiary who is a member. B. Beneficiaries may be minors, but no beneficiary, unless a credit union member, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee. C. Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of that payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of that payment. D. In the event of the death of the party who owns a trust account, if the credit union has been given no other written notice of the existence or terms of any trust and has not received a court order as to disposition of the account, account funds and any dividends or interest thereon shall be paid to the beneficiary.

Legislative History

Laws 1987, ch. 311, § 44; 1991, ch. 51, § 13; 1997, ch. 195, § 30.