Section 58-10-60 - Power of attorney on savings accounts

Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incapacity of the member constitutes written notice of revocation of the authority of his attorney-in-fact. No association or federal association is liable for damages, penalty or tax by reason of any payment made pursuant to this section. History: 1953 Comp., § 48-15-102, enacted by Laws 1967, ch. 61, § 58; 1975, ch. 257, § 8-120. ANNOTATIONSCross references. — For the Uniform Statutory Power of Attorney Act, see 45-5-601 NMSA 1978. For proof of valid power of attorney, see 45-5-502 NMSA 1978.