us-nm/stat
NMSA 1978, § 7-7-12 — Liability for failure to pay tax before distribution or delivery
A.
Any personal representative who distributes any property without first paying,
securing another's payment of, or furnishing security for payment of the taxes due under
the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] is personally liable for the taxes due to
the extent of the value of any property that may come or may have come into his
possession. Security for payment of the taxes due under the Estate Tax Act shall be in
an amount equal to or greater than the value of all property that is or has come into the
possession of such personal representative, as of the time such security is furnished.
B.
Any person who has the control, custody or possession of any property and who
delivers any of the property to the personal representative or legal representative of the
decedent outside New Mexico without first paying, securing another's payment of, or
furnishing security for payment of the taxes due under the Estate Tax Act is liable for
the taxes due under the Estate Tax Act to the extent of the value of the property
delivered. Security for payment of the taxes due under the Estate Tax Act shall be in an
amount equal to or greater than the value of all property delivered to the personal
representative or legal representative of the decedent outside New Mexico by such a
person.
C.
For the purposes of this section, persons who do not have possession of a
decedent's property (absent special circumstances) include mortgagees or pledgees,
stockbrokers or stock transfer agents, bank and other depositories of checking and
savings accounts, safe-deposit companies and life insurance companies.
Source: official text