New Mexico Statutes 45-6-412. Effect of transfer on death deed during transferor’s life
During a transferor’s life, a transfer on death deed does not:
Terms Used In New Mexico Statutes 45-6-412
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
A. affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;
B. affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;
C. affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed;
D. affect the transferor’s or designated beneficiary‘s eligibility for any form of public assistance;
E. create a legal or equitable interest in favor of the designated beneficiary; or
F. subject the property to claims or process of a creditor of the designated beneficiary.