New Mexico Statutes 45-6-402. Definitions
As used in the Uniform Real Property Transfer on Death Act:
Terms Used In New Mexico Statutes 45-6-402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantor: The person who establishes a trust and places property into it.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
A. “beneficiary” means a person that receives property under a transfer on death deed;
B. “designated beneficiary” means a person designated to receive property in a transfer on death deed;
C. “essential elements” means the names of the grantor and the grantee, a clause transferring title, a description of the property transferred, the grantor’s signature and acknowledgment by the grantor in the presence of a notary public or in the presence of another individual authorized by law to take acknowledgments;
D. “joint owner” means an individual who owns property concurrently with one or more other individuals with a right of survivorship. “Joint owner” includes a joint tenant but does not include a tenant in common;
E. “person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality, or any other legal or commercial entity;
F. “property” means an interest in real property located in New Mexico that is transferable on the death of the owner;
G. “transfer on death deed” means a deed authorized under the Uniform Real Property Transfer on Death Act; and
H. “transferor” means an individual who makes a transfer on death deed.