HOUSE BILL 54

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Joni Marie Gutierrez

AN ACT

RELATING TO PROBATE; AMENDING THE DEFINITION OF "SECURITY ACCOUNT" IN THE UNIFORM PROBATE CODE.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 45-6-301 NMSA 1978 (being Laws 1992, Chapter 66, Section 37) is amended to read:

     "45-6-301. DEFINITIONS.--As used in Sections 45-6-301 through 45-6-311 NMSA 1978:

          A. "beneficiary form" means a registration of a security [which] that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner;

          B. "register", including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities;

          C. "registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities;

          D. "security" means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account; and

          E. "security account" means:

                (1) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death; [or]

                (2) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death; or

                (3) a natural person's investment, management or custody account with a trust company or bank with trust powers, including securities in the account, a cash balance in the account and cash, cash equivalents, interest, earnings or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death. Nothing in this paragraph affects interests in real property."

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