HB 54

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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 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;

(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."

HB 54

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