NM Stat § 6-10-3 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 10 - Public Money|Section 6-10-3 - Payment of state money into treasury; suspense funds.

All public money in the custody or under the control of any state official or agency obtained or received by any official or agency from any source, except as in Section 6-10-54 NMSA 1978 provided, shall be paid into the state treasury. It is the duty of every official or person in charge of any state agency receiving any money in cash or by check, draft or otherwise for or on behalf of the state or any agency thereof from any source, except as in Section 6-10-54 NMSA 1978 provided, to forthwith and before the close of the next succeeding business day after the receipt of the money to deliver or remit it to the state treasurer; provided, however, that: A. the money collected by the state parks division of the energy, minerals and natural resources department and the state monuments division of the cultural affairs department shall be deposited into the state treasury no later than ten days following collection; B. county treasurers shall remit all money received for taxes for state purposes or that are by law required to be remitted to the department on or before the tenth day of the next succeeding month following the receipt or collection thereof; C. every official or person in charge of any state agency receiving any money, except as in Section 6-10-54 NMSA 1978 provided, in cash or by check or draft, on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state or with any department, institution or agency of the state, which money has not yet been earned so as to become the absolute property of the state, shall deliver or remit to the state treasury within the times and in the manner as in this section provided, which money shall be deposited in a suspense account to the credit of the proper official, person, board or bureau in charge of any state agency so receiving the money; and D. all money held by the commissioner of public lands on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state shall be delivered or remitted to the state treasury within six months from the date this act is approved and at those times, in the amounts and from the various banks in which it is deposited as may be directed by the state board of finance. History: Laws 1923, ch. 76, § 2; C.S. 1929, § 112-102; 1941 Comp., § 7-203; 1953 Comp., § 11-2-3; Laws 1987, ch. 295, § 1; 2003, ch. 281, § 1; 2011, ch. 88, § 2. ANNOTATIONSThe 2011 amendment, effective July 1, 2011, modified references to the state department and divisions to reflect current usage and to the state treasury. The 2003 amendment, effective June 20, 2003, deleted "Thirty days from the taking effect of Chapter 6, Article 10 NMSA 1978" at the beginning and, inserted "the energy, minerals and natural resources department and the state monuments of the museum division of the office of cultural affairs" in the third sentence. The 1987 amendment, effective June 19, 1987, added the first proviso after the second sentence; deleted "of New Mexico, at the time this act takes effect" following "agreement with the state" near the end of the last sentence and "at the time this act is approved" following "deposit," also near the end of the last sentence; and made minor stylistic changes throughout the section. Funds are not state property until deposited in state treasury. — Where purchase price of state land was not deposited in state treasury, the money did not become the property of the state and the purchaser did not acquire an interest in the land. Laguna Gatuna, Inc. v. U.S. 50 Fed.Cl. 336 (2001). Public money. — If the Museum of New Mexico imposes a fee on portal program participants, the museum must deposit the funds so generated with the state treasurer because the money is public money within the meaning of this section. 1988 Op. Att'y Gen. No. 88-25. Time for deposit of state funds with state treasurer. — This section means literally that all receipts of any state official or agency, other than a county treasurer, must be deposited with the state treasurer before the close of the next succeeding business day after the receipt of such moneys. 1959 Op. Att'y Gen. No. 59-193; 1954 Op. Att'y Gen. No. 54-6023. Check paid in due course constitutes payment at time of delivery. — Under general rules of law, a check constitutes conditional payment only, but, if paid in due course, constitutes payment at the time of the delivery of the check. 1958 Op. Att'y Gen. No. 58-242. Creation of a suspense fund by the investment council is in accordance with law. 1962 Op. Att'y Gen. No. 62-46. Acceptance of federal matching funds for charitable, educational, etc., institutions. — New Mexico may accept federal matching funds even though they are eventually to be paid to charitable, educational or other benevolent institutions not under the absolute control of the state because this section allows the state treasurer to create suspense accounts where the state treasurer does not deposit the money in the treasury, thus not violating N.M. Const., art. IV, §§ 30 and 31. 1967 Op. Att'y Gen. No. 67-07. Escrow funds in hands of insurance department (state insurance board) must be deposited with the state treasurer. 1923 Op. Att'y Gen. No. 23-3693. Funds collected by state bar association to be kept in separate fund. — All moneys collected by the state bar association become public funds and should be paid into the state treasury to be kept in a separate fund as state bar fund. 1932 Op. Att'y Gen. No. 32-349. State treasurer custodian of insurance proceeds belonging to vocational education division. — Proceeds of fire insurance on property of the department of vocational education (vocational education division) destroyed at state college (New Mexico state university) should go to state treasurer as custodian of the board's funds. 1937 Op. Att'y Gen. No. 37-1772. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63C Am. Jur. 2d Public Funds § 5. 81 C.J.S. States § 224.