reglab/housing_qa huggingface dataset:
NM Stat § 58-1-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-1 - Short title.

Chapter 58, Articles 1, 2 through 6 and 8 NMSA 1978 may be cited as the "Banking Act". History: 1953 Comp., § 48-22-1, enacted by Laws 1963, ch. 305, § 1; 1997, ch. 23, § 1. ANNOTATIONSCross references. — For Trust Company Act, see 58-9-1 NMSA 1978. For disposition of unclaimed property, see Chapter 7, Article 8A NMSA 1978. The 1997 amendment, effective July 1, 1997, rewrote the section. No due process violation by former banking act. — Former State Banking Act (Laws 1915, ch. 67, now repealed) did not violate due process of law where it prohibited engaging in banking business to all except those organized under its provisions. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582. State constitution not violated by former banking act. — Title of former State Banking Act (Laws 1915, ch. 67) was broad and did not violate N.M. Const., art. IV, § 16. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582. Reason for enactment of statute containing special provisions for incorporation of banks. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582. Banks chartered under Banking Act are limited to powers expressly conferred by the act. 1979 Op. Att'y Gen. No. 79-06. Banking Act does not authorize issuance of preferred stock to raise equity capital. 1979 Op. Att'y Gen. No. 79-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — Bank officer's or employee's misapplication of funds as state criminal offense, 34 A.L.R.4th 547. Bank's liability for breach of implied contract of good faith and fair dealing, 55 A.L.R.4th 1026. Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282. Construction and application of pre-emption exemption, under Employee Retirement Income Security Act (29 USCS §§ 1001 et seq.), for state laws regulating insurance, banking, or securities (29 USCS § 1144(b)(2)), 87 A.L.R. Fed. 797. 9 C.J.S. Banks and Banking § 36.
NM Stat § 58-1-2.1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-2.1 - Prohibition.

No bank holding company may own an institution which is an "insured bank" as defined in Section 3 (h) of the Federal Deposit Insurance Act or is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act and accepts deposits that the depositor may withdraw by check or similar means for payment to third parties or is engaged in the business of making commercial loans but does not both accept such deposits and make commercial loans. History: 1978 Comp., § 58-1-2.1, enacted by Laws 1987, ch. 190, § 1. ANNOTATIONSCross references. — For Sections 3(h) and 5 of the Federal Deposit Insurance Act referred to in this section, see 12 U.S.C. §§ 1813(h) and 1815, respectively.
NM Stat § 58-1-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-4 - Effect on existing banks.

The articles of incorporation of state banks existing at the time of the adoption of the Banking Act shall continue in full force and effect, but all state banks and, to the extent applicable, all banks shall thereafter be operated in accordance with the provisions of the Banking Act, and any state bank by filing an application for an amendment of its articles of incorporation, or for a merger, consolidation or sale of all, or substantially all, of its assets or the assets of any department under the Banking Act and its articles of incorporation, shall thereafter be subject to the Banking Act. History: 1953 Comp., § 48-22-4, enacted by Laws 1963, ch. 305, § 4. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 7. 9 C.J.S. Banks and Banking § 7.
NM Stat § 58-1-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-5 - Deposit of minor; school or institutional deposits.

A. A bank may operate a deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age. B. Subject to such regulations as the commissioner [director of the financial institutions division of the regulation and licensing department] may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any institution caring for minors, for the participation by the bank in any school or institutional thrift or savings plan, and it may accept deposits at such a school or institution, either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose. History: 1953 Comp., § 48-22-6, enacted by Laws 1963, ch. 305, § 6. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 245, § 4 abolished the department of banking, with § 3 of that act establishing the commerce and industry department consisting of five divisions, including the financial institutions division. Section 12 provided that all references in the law to the department of banking were to be construed to mean the financial institutions division of the commerce and industry department. Furthermore, the powers and duties of the commissioner of banking were transferred to the director of the financial institutions division, and all statutory references to the commissioner were to be construed to mean the director. See 58-1-32 NMSA 1978 and the general definitions of 58-1-3 NMSA 1978. However, Laws 1983, ch. 297, § 33, abolished the commerce and industry department, and § 20 of that act created the regulation and licensing department with a financial institutions division. Laws 1983, ch. 297, § 31, transfers the personnel, etc., of the financial institutions division of the commerce and industry department to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 359. 9 C.J.S. Banks and Banking §§ 147 et seq., 211 et seq.
NM Stat § 58-1-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-6 - Designating agent.

A. A bank may continue to recognize the authority of an agent authorized in writing to operate, in whole or in part, the account of a depositor, until it receives written notice of the revocation of his authority. B. Knowledge of the death or adjudication of incapacity of such depositor shall constitute written notice of revocation of the authority of his agent. C. Notwithstanding that a bank has received written notice of revocation of the authority of such agent, it may, until ten days after receipt of such notice, pay any item apparently made, drawn, accepted or indorsed by such agent prior to such revocation, provided that such item is otherwise properly payable. D. No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section. History: 1953 Comp., § 48-22-7, enacted by Laws 1963, ch. 305, § 7; 1975, ch. 257, § 8-122. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking §§ 280, 281, 327.
NM Stat § 58-1-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-7 - Adverse claim to deposit.

Notice to any bank of an adverse claim to a deposit with such bank need not be recognized, and shall not be deemed effective, unless and until either the person making the claim supplies indemnity deemed adequate by the bank or the bank is served with process or order issued by a court of competent jurisdiction in an action in which the adverse claimant and the person or persons nominally entitled to the deposit are parties, provided that the bureau of revenue [revenue division of the taxation and revenue department] may levy against a deposit in accordance with the provisions of Section 7-1-31 NMSA 1978. History: 1953 Comp., § 48-22-7.1, enacted by Laws 1975, ch. 330, § 8. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. The bureau of revenue was abolished by Laws 1977, ch. 249, § 5. Section 4 of that act establishes the taxation and revenue department, consisting of three divisions, including the revenue division. Section 41 provides that references to the bureau in the Tax Administration Act (Chapter 7, Article 1 NMSA 1978) mean the revenue division. See 7-1-3, 7-2-2 and 9-11-4 NMSA 1978. Cross references. — For the taxation and revenue department, see 9-11-1 NMSA 1978. Statutory duty. — Section 58-1-7 NMSA 1978 establishes a mandatory statutory procedure with respect to the handling of adverse claims to deposits. As a result, it supplies a basis for the existence of a statutory duty. Alcantar v. Sanchez, 2011-NMCA-073, 150 N.M. 146, 257 P.3d 966. Action not "adverse claim to a deposit". — This section did not apply to claims by third parties that the drawer had forged their endorsement on checks previously deposited into the drawer's checking account, because those claims were not "an adverse claim to a deposit" with the bank; rather, the claims were a claim of liability on the part of the bank and this claim of liability was not directed to a deposit. Landrum v. Security Nat'l Bank, 1985-NMCA-031, 104 N.M. 55, 716 P.2d 246, cert. denied, 103 N.M. 798, 715 P.2d 71 (1986). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 506. Adverse claims, construction, application and effect of statute relating to notice to bank of, 62 A.L.R.2d 1116. Special bank deposits as subject of attachment or garnishment to satisfy depositor's general obligations, 8 A.L.R.4th 998. 9 C.J.S. Banks and Banking §§ 280, 328 et seq., 337, 341, 351, 357, 358, 405.
NM Stat § 58-1-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-8 - Payment from account when no executor or administrator has qualified.

A. Where no executor or administrator of a deceased depositor has qualified and given notice of his qualifications to the bank, it may in its discretion and at any time after the death of the depositor pay out of all accounts maintained with it by him in his individual capacity all sums which do not exceed two thousand dollars ($2,000) in the aggregate: (1) to the surviving spouse; or (2) if there is no surviving spouse then to the surviving next of kin, of the closest degree of lineal consanguinity. B. A bank may in its discretion and at any time after sixty days from the death of a depositor, whose residence address according to the books of the bank is outside this state, pay the balance of his accounts, not exceeding two thousand dollars ($2,000) in the aggregate, to an executor or administrator who has qualified in another state unless the bank has received written notice of the appointment of an executor or administrator in this state. C. No bank shall be liable for damage, penalty, tax or claims of creditors of the estate by reason of any payment or refusal to pay made pursuant to this section. History: 1953 Comp., § 48-22-8, enacted by Laws 1963, ch. 305, § 8; 1975, ch. 330, § 9. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 537. 9 C.J.S. Banks and Banking § 310.
NM Stat § 58-1-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-9 - Transmitting money; foreign exchange.

A bank may accept money for transmission and may transmit money. A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers. History: 1953 Comp., § 48-22-9, enacted by Laws 1963, ch. 305, § 9. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 308. Licensing and regulation of business of transmitting funds to foreign countries, 94 A.L.R.2d 496. 9 C.J.S. Banks and Banking §§ 445 et seq., 486.
NM Stat § 58-1-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company.

A. Subject to such regulations as the commissioner [director of the financial institutions division of the commerce and industry department] may prescribe, a state bank or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt therefor. B. A state bank may own stock in safe deposit companies not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in each such safe deposit company must be owned by banks. History: 1953 Comp., § 48-22-10, enacted by Laws 1963, ch. 305, § 10; 1975, ch. 330, § 10. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Cross references. — For director of financial institutions, see 9-16-4 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 469 to 492. 93 C.J.S. Warehousemen and Safe Depositaries § 93.
NM Stat § 58-1-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-11 - Access by fiduciaries.

A. Where access to a safe deposit box is requested by one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto and removal of the contents of the safe deposit box upon obtaining proper receipt from: (1) any one or more of the persons acting as executors or administrators; (2) any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting; or (3) any agent authorized in writing signed by all of the persons acting as fiduciaries. B. No lessor shall be liable for damages for allowing or refusing access or removal of the contents of the safety deposit box under the provisions of Subsection A of this section. History: 1953 Comp., § 48-22-11, enacted by Laws 1963, ch. 305, § 11. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 482, 483. 93 C.J.S. Warehousemen and Safe Depositaries § 96.
NM Stat § 58-1-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-12 - Effect of lessee's death or incapacity.

Where a lessor, without knowledge of the death or of an adjudication of incapacity of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee. History: 1953 Comp., § 48-22-12, enacted by Laws 1963, ch. 305, § 12; 1975, ch. 257, § 8-123. ANNOTATIONSCross references. — For proof of valid power of attorney, see 45-5-502 NMSA 1978. For the Uniform Statutory Power of Attorney Act, see 45-5-601 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 472, 473, 476, 484.
NM Stat § 58-1-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-13 - Lease to minor.

A lessor may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity. History: 1953 Comp., § 48-22-13, enacted by Laws 1963, ch. 305, § 13. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 93 C.J.S. Warehousemen and Safe Depositaries § 51.
NM Stat § 58-1-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-14 - Search procedure on death.

A. A lessor shall permit the person named in a court order for the purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents of a safe deposit box leased by a decedent, or any documents delivered by a decedent for safekeeping, in the presence of an officer of the lessor; and the lessor, if so requested by such person, may deliver upon execution of receipt therefor: (1) any writing purporting to be a will of the decedent; (2) any writing purporting to be a deed to a burial plot or to give burial instructions to the person making the request for a search; and (3) any document purporting to be an insurance policy on the life of the decedent to the beneficiary named therein. B. No other contents shall be removed, pursuant to this section except at the lessor's liability, until a special administrator, an administrator or executor qualifies and makes claim to the contents. History: 1953 Comp., § 48-22-14, enacted by Laws 1963, ch. 305, § 14. ANNOTATIONSCross references. — For appointment of personal representative of an estate, see 45-3-103 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 486 to 492. 9 C.J.S. Banks and Banking, § 79.
NM Stat § 58-1-15 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-15 - Adverse claims to contents of safe deposit box.

A. An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless: (1) the lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party by a name which identifies him with the name in which the safe deposit box is leased or the property held; or (2) the safe deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by an affidavit stating facts disclosing that it is made by or on behalf of a beneficiary and that there is a reason to believe that the fiduciary may misappropriate the trust property. B. A claim is also adverse where one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name. History: 1953 Comp., § 48-22-15, enacted by Laws 1963, ch. 305, § 15. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 506. Bank's or safe deposit company's liability for denying access to box, 4 A.L.R.3d 1462.
NM Stat § 58-1-16 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-16 - Special remedies for nonpayment of rent.

A. If the rental due on a safe deposit box has not been paid for six months, the lessor may send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the box may be opened in the presence of an officer of the lessor and of a notary public who is not a director, officer, employee or stockholder of the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate shall be included in the package and a copy of the certificate shall be sent by registered mail to the last known address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box. B. If the contents of the box are not claimed within the time prescribed by the Uniform Disposition of Unclaimed Property Act, they shall be disposed of as provided therein. Upon a sale of such contents by the state treasurer, the lessor shall be reimbursed for the accrued rental and storage charges from the proceeds of the sale. History: 1953 Comp., § 48-22-16, enacted by Laws 1963, ch. 305, § 16; 1975, ch. 330, § 11. ANNOTATIONSCompiler's notes. — The Uniform Disposition of Unclaimed Property Act, referred to in Subsection B, was compiled as Chapter 7, Article 8 NMSA 1978 before being repealed in 1997. For present law, see Uniform Unclaimed Property Act, 7-8A-1 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 486 to 492. 93 C.J.S. Warehousemen and Safe Depositaries § 71.
NM Stat § 58-1-17 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-17 - Qualification and fiduciary powers.

No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds: A. the bank has not less than five hundred thousand dollars ($500,000) capital and surplus; B. the bank is in a sound financial condition and operated in a prudent and businesslike manner; and C. qualified personnel are available to handle trust matters. History: 1953 Comp., § 48-22-17, enacted by Laws 1963, ch. 305, § 17; 1975, ch. 330, § 12. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For director of financial institutions, see 9-16-4 NMSA 1978 Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 303 to 307. Interest or profits: liability for interest or profits on funds of estate deposited in bank or trust company which is itself executor, administrator, trustee or guardian, or in which executor, etc., is interested, 88 A.L.R. 205. Dealings between bank or trust company and itself acting as executor, administrator or trustee, 112 A.L.R. 780. Duty and obligation assumed by trust company or other person to which will is delivered for safekeeping, 141 A.L.R. 1277. 9 C.J.S. Banks and Banking §§ 230, 231.
NM Stat § 58-1-18 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-18 - Fiduciary bond or oath excused.

No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly otherwise provides. History: 1953 Comp., § 48-22-18, enacted by Laws 1963, ch. 305, § 18. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 304. 9 C.J.S. Banks and Banking §§ 8, 9.