reglab/housing_qa huggingface dataset:
NM Stat § 7-8A-9 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-9 - Notice and publication of lists of abandoned property.

The administrator shall publish a notice not later than November 30 of each year in which abandoned property has been paid or delivered to the administrator. The notice shall be published in a newspaper of general circulation in each county of this state. The advertisement must be in a form that, in the judgment of the administrator, is likely to attract the attention of the general public. The advertisement shall contain:A. the website on which to search for information about abandoned properties;B. the email address of the administrator;C. the telephone number and physical mailing address of the administrator;D. a statement explaining that property of the owner is presumed to be abandoned and has been taken into the protective custody of the administrator; andE. a statement providing information about the property and the return to the property's owner is available to a person having a legal or beneficial interest in the property, upon request to the administrator. History: Laws 1997, ch. 25, § 9; 2021, ch. 65, § 10. ANNOTATIONSThe 2021 amendment, effective July 1, 2021, updated the form of notice by which the taxation and revenue department advertises unclaimed property, required that published notice contain a website on which to search for information about abandoned properties, and removed a provision related to certain financial instruments and property having a value of less than fifty dollars; deleted subsection designation "(a)" and redesignated former Paragraphs (1) and (2) as Subsections A and B, respectively; after "newspaper of general circulation in", deleted 'the" and added "each", after "of this state", deleted "in which is located the last known address of any person named in the notice. If a holder does not report an address for the apparent owner or the address is outside this state, the notice must be published in the county in which the holder has its principal place of business within this state or another county that the administrator reasonably selects", and after "attention of the", deleted "apparent owner of the unclaimed property" and added "general public"; in Subsection A after "the", deleted "name of each person appearing to be the owner of the property, as set forth in the report filed by the holder" and added "website on which to search for information about abandoned properties"; in Subsection B, after "the", deleted "last known address or location of each person appearing to be the owner of the property, if an address or location is set forth in the report filed by the holder" and added "email address of the administrator"; added new Subsection C and redesignated former Paragraphs (3) and (4) as Subsections D and E, respectively; and deleted former Subsection C, Paragraph (b).
NM Stat § 7-8A-11 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-11 - Crediting of dividends, interest and increments to owner's account.

If property other than money is delivered to the administrator under the Uniform Unclaimed Property Act (1995), the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money. If the property was an interest-bearing demand, savings, or time deposit, including a deposit that is automatically renewable, the administrator shall pay interest at a rate of five percent a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner. Interest on interest-bearing property is not payable for any period before the effective date of the Uniform Unclaimed Property Act (1995), unless authorized by law superseded by that act. History: Laws 1997, ch. 25, § 11. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 11 effective July 1, 1997.
NM Stat § 7-8A-12 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-12 - Public sale of abandoned property.

A. Except as otherwise provided in this section, the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in this state or by any reasonable method, which in the judgment of the administrator affords the most favorable market for the property. The administrator may decline the highest bid and re-offer the property for sale if the administrator considers the bid to be insufficient. The administrator need not offer the property for sale if the administrator considers that the probable cost of sale will exceed the proceeds of the sale. A sale held under this section must be preceded by a single publication of notice, at least three weeks before sale, in a newspaper of general circulation in the county in which the property is to be sold. B. Securities listed on an established stock exchange must be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the administrator. If securities are sold by the administrator before the expiration of three years after their delivery to the administrator, a person making a claim under the Uniform Unclaimed Property Act (1995) before the end of the three-year period is entitled to the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater, plus dividends, interest and other increments thereon up to the time the claim is made, less any deduction for expenses of sale. A person making a claim under the Uniform Unclaimed Property Act (1995) after the expiration of the three-year period is entitled to receive the securities delivered to the administrator by the holder, if they still remain in the custody of the administrator, or the net proceeds received from sale and is not entitled to receive any appreciation in the value of the property occurring after delivery to the administrator except in a case of intentional misconduct or malfeasance by the administrator. C. A purchaser of property at a sale conducted by the administrator pursuant to the Uniform Unclaimed Property Act (1995) takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership. History: Laws 1997, ch. 25, § 12; 2006, ch. 37, § 2. ANNOTATIONSThe 2006 amendment, effective July 1, 2006, provided in Subsection A that the administrator may sell abandoned property by any reasonable method.
NM Stat § 7-8A-13 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-13 - Deposit of funds.

A. Except as otherwise provided by this section, the administrator shall promptly deposit in the tax administration suspense fund for distribution pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] all money received under the Uniform Unclaimed Property Act (1995), including the proceeds from the sale of abandoned property under Section 7-8A-12 NMSA 1978. The administrator shall retain in the unclaimed property fund at least one hundred thousand dollars ($100,000) for the purposes of the Uniform Unclaimed Property Act (1995), from which the administrator shall pay claims duly allowed. The administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company and the amount due. B. Before making a deposit to the tax administration suspense fund, the administrator may deduct: (1) expenses of sale of abandoned property; (2) costs of mailing and publication in connection with abandoned property; (3) reasonable service charges; and (4) expenses incurred in examining records of holders of property and in collecting the property from those holders. History: Laws 1997, ch. 25, § 13; 2007 (1st S.S.), ch. 2, § 10. ANNOTATIONSThe 2007 amendment, effective June 28, 2007, changed the distribution of money from the general fund to purposes provided in the Uniform Unclaimed Property Act (1995).
NM Stat § 7-8A-14 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-14 - Claim of another state to recover property.

(a) After property has been paid or delivered to the administrator under the Uniform Unclaimed Property Act (1995), another state may recover the property if: (1) the property was paid or delivered to the custody of this state because the records of the holder did not reflect a last known location of the apparent owner within the borders of the other state and the other state establishes that the apparent owner or other person entitled to the property was last known to be located within the borders of that state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state; (2) the property was paid or delivered to the custody of this state because the laws of the other state did not provide for the escheat or custodial taking of the property, and under the laws of that state subsequently enacted the property has escheated or become subject to a claim of abandonment by that state; (3) the records of the holder were erroneous in that they did not accurately identify the owner of the property and the last known location of the owner within the borders of another state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state; (4) the property was subjected to custody by this state under Section 4(6) [7-8A-4(6) NMSA 1978] of the Uniform Unclaimed Property Act (1995), and under the laws of the state of domicile of the holder the property has escheated or become subject to a claim of abandonment by that state; or (5) the property is a sum payable on a traveler's check, money order or similar instrument that was purchased in the other state and delivered into the custody of this state under Section 4(7) [7-8A-4(7) NMSA 1978] of the Uniform Unclaimed Property Act (1995), and under the laws of the other state the property has escheated or become subject to a claim of abandonment by that state. (b) A claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within ninety days after it is presented. The administrator shall allow the claim upon determining that the other state is entitled to the abandoned property under Subsection (a) of this section. (c) The administrator shall require another state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim to the property. History: Laws 1997, ch. 25, § 14. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 14 effective July 1, 1997.
NM Stat § 7-8A-16 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-16 - Appeal; action to establish claim.

A. A person aggrieved by a decision of the administrator may file an appeal pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. A person whose claim has not been acted upon within ninety days after its filing may maintain an original action to establish the claim in the district court for the first judicial district, naming the administrator as a defendant. C. If the aggrieved person establishes the claim in an action against the administrator, the court may award the claimant reasonable attorney fees. History: Laws 1997, ch. 25, § 16; 1998, ch. 55, § 18; 1999, ch. 265, § 18. ANNOTATIONSCross references. — For appeal of final decisions by agencies to district court, see Section 39-3-1.1 NMSA 1978. For procedures governing administrative appeals to the district court, see Rule 1-074 NMRA. The 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection A. The 1998 amendment, effective September 1, 1998, inserted "Appeal;" in the section heading; added the Subsection designations; in Subsection A, inserted "may file an appeal pursuant to the provisions of Section 12-8A-1 NMSA 1978"; inserted "A person" in Subsection B; substituted "attorney" for "attorney's" in Subsection C; and made minor capitalization and stylistic changes. Administrative remedies must be exhausted prior to seeking court relief. — Where petitioner was appointed the personal representative of his deceased grandfather's estate, and where the probate court, at petitioner's request, issued an order directing the New Mexico taxation and revenue department (department) to release $70,000 of unclaimed property that belonged to decedent, and where the probate court transferred the case to the district court when the department refused to release the property, petitioner erroneously sought relief from the district court before exhausting his administrative remedies under the Uniform Unclaimed Property Act (act), 7-8A-1 to 7-8A-31 NMSA 1978, because under the act, it is clear that the legislature intended the department to decide unclaimed property matters prior to parties seeking relief in the courts. In re Estate of McElveny, 2017-NMSC-024, rev'g 2015-NMCA-080, 355 P.3d 75.
NM Stat § 7-8A-17 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-17 - Election to take payment or delivery.

(a) The administrator may decline to receive property reported under the Uniform Unclaimed Property Act (1995) which the administrator considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver property before the property is presumed abandoned. Property so delivered must be held by the administrator and is not presumed abandoned until it otherwise would be presumed abandoned under the Uniform Unclaimed Property Act (1995). History: Laws 1997, ch. 25, § 17. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 17 effective July 1, 1997.
NM Stat § 7-8A-18 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-18 - Destruction or disposition of property having no substantial commercial value; immunity from liability.

If the administrator determines after investigation that property delivered under the Uniform Unclaimed Property Act (1995) has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or any officer or against the holder for or on account of an act of the administrator under this section, except for intentional misconduct or malfeasance. History: Laws 1997, ch. 25, § 18. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 18 effective July 1, 1997.
NM Stat § 7-8A-19 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-19 - Periods of limitation.

(a) The expiration, before or after the effective date of the Uniform Unclaimed Property Act (1995), of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by the Uniform Unclaimed Property Act (1995). (b) An action or proceeding may not be maintained by the administrator to enforce the Uniform Unclaimed Property Act (1995) in regard to the reporting, delivery, or payment of property more than ten years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent. History: Laws 1997, ch. 25, § 19. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 19 effective July 1, 1997.
NM Stat § 7-8A-21 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-21 - Retention of records.

(a) Except as otherwise provided in Subsection (b) of this section, a holder required to file a report under Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995) shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless a shorter period is provided by rule of the administrator. (b) A business association or financial organization that sells, issues, or provides to others for sale or issue in this state, traveler's checks, money orders, or similar instruments other than third-party bank checks, on which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for three years after the holder files the report. History: Laws 1997, ch. 25, § 21. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 21 effective July 1, 1997.
NM Stat § 7-8A-22 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-22 - Enforcement.

The administrator may maintain an action in this or another state to enforce the Uniform Unclaimed Property Act (1995). The court may award reasonable attorney's fees to the prevailing party. History: Laws 1997, ch. 25, § 22. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 22 effective July 1, 1997. New Mexico has standing to assert violation of the Unclaimed Property Act. Wilson v. Mass. Mut. Life Ins. Co., 2004-NMCA-051, 135 N.M. 506, 90 P.3d 525, cert. denied, 2004-NMCERT-004, 135 N.M. 563, 91 P.3d 604, overruled on other grounds by Schultz v. Pojoaque Tribal Police Dep't, 2010-NMSC-034, 148 N.M. 692, 242 P.3d 259. Intervention. — Since there is an absence of any specific authority for intervention in New Mexico's Act, such a right under Rule 1-024 A(1) NMRA is not recognized. Wilson v. Mass. Mut. Life Ins. Co., 2004-NMCA-051, 135 N.M. 506, 90 P.3d 525, cert. denied, 2004-NMCERT-004, 135 N.M. 563, 91 P.3d 604, overruled on other grounds by Schultz v. Pojoaque Tribal Police Dep't, 2010-NMSC-034, 148 N.M. 692, 242 P.3d 259.
NM Stat § 7-8A-23 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-23 - Interstate agreements and cooperation; joint and reciprocal actions with other states.

(a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in Section 20 [7-8A-20 NMSA 1978] of the Uniform Unclaimed Property Act (1995). The administrator by rule may require the reporting of information needed to enable compliance with an agreement made under this section and prescribe the form. (b) The administrator may join with another state to seek enforcement of the Uniform Unclaimed Property Act (1995) against any person who is or may be holding property reportable under that act. (c) At the request of another state, the attorney general of this state may maintain an action on behalf of the other state to enforce, in this state, the unclaimed property laws of the other state against a holder of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in maintaining the action. (d) The administrator may request that the attorney general of another state or another attorney commence an action in the other state on behalf of the administrator. With the approval of the attorney general of this state, the administrator may retain any other attorney to commence an action in this state on behalf of the administrator. This state shall pay all expenses, including attorney's fees, in maintaining an action under this subsection. With the administrator's approval, the expenses and attorney's fees may be paid from money received under the Uniform Unclaimed Property Act (1995). The administrator may agree to pay expenses and attorney's fees based in whole or in part on a percentage of the value of any property recovered in the action. Any expenses or attorney's fees paid under this subsection may not be deducted from the amount that is subject to the claim by the owner under the Uniform Unclaimed Property Act (1995). History: Laws 1997, ch. 25, § 23. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 23 effective July 1, 1997.
NM Stat § 7-8A-24 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-24 - Interest and penalties.

(a) A holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995) shall pay to the administrator interest at the annual rate set forth in Section 7-1-67 NMSA 1978 on the property or value thereof from the date the property should have been reported, paid or delivered. (b) Except as otherwise provided in Subsection (c) of this section, a holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995), or fails to perform other duties imposed by that act, shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of one hundred dollars ($100) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of five thousand dollars ($5,000). (c) A holder who willfully fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995), or willfully fails to perform other duties imposed by that act, shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of two hundred fifty dollars ($250) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of seven thousand five hundred dollars ($7,500), plus twenty-five percent of the value of any property that should have been but was not reported. (d) A holder who makes a fraudulent report shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of five hundred dollars ($500) for each day from the date a report under the Uniform Unclaimed Property Act (1995) was due, up to a maximum of twelve thousand five hundred dollars ($12,500), plus twenty-five percent of the value of any property that should have been but was not reported. (e) The administrator for good cause may waive, in whole or in part, penalties under Subsections (b) and (c) of this section, and shall waive penalties if the holder acted in good faith and without negligence. History: Laws 1997, ch. 25, § 24. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 24 effective July 1, 1997.