reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-4 - [Surrender of property to receiver.]

The court or judge may at any time, pending the action, and upon such terms as it shall be deemed proper, compel the transferee to surrender to a receiver of the court, all property and effects in his possession, or under his control; and it may make such orders respecting the property as courts of law are now allowed to make concerning attached property. And when it is decided that a sale, mortgage or assignment was made in contemplation of insolvency and with the design to prefer one or more creditors to the exclusion in whole or in part, of others, the court shall compel the debtor to surrender to such receiver all property and effects in his possession or under his control, except such property as is exempt from executions, to disclose the amount of his debts, the names and residence of his creditors, all offsets and defenses to any claims against him, or any other matter which shall be deemed proper; and the court shall also compel every person who shall acquire by purchase, assignment or otherwise, any property or effects from such debtor, after the suit contemplated by this chapter shall have been instituted, to surrender the same to such receiver.
History:
Laws 1889, ch. 67, § 4; C.L. 1897, § 2821; Code 1915, § 277; C.S. 1929, § 7-104; 1941 Comp., § 23-104; 1953 Comp., § 27-1-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— For the meaning of "courts of law,"
see
Rules 1-001 and 1-002 NMRA which provide that the rules govern procedure in the New Mexico district courts in all suits of a civil nature, with exceptions, and provide that there is one form of action, known as a civil action. There is no provision for a "court of law."
The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Cross references.
— For exemptions from execution,
see
42-10-1 to 42-10-13 NMSA 1978.
For appointment of receivers,
see
Rule 1-066 NMRA.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 78, 121, 134.
6A C.J.S. Assignments for Benefit of Creditors §§ 4, 10.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-5 - [Distribution of assets; final judgment; appeal.]

The court may make distribution of the assets on hand from time to time, and the decision of the court at the time of any distribution, allowing or disallowing any claim, shall be held final judgment, and may be appealed from as other final judgment.
History:
Laws 1889, ch. 67, § 5; C.L. 1897, § 2822; Code 1915, § 278; C.S. 1929, § 7-105; 1941 Comp., § 23-105; 1953 Comp., § 27-1-5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 138, 140, 211 to 213.
6A C.J.S. Assignments for Benefit of Creditors §§ 85 to 111.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-6 - [Writ of ne exeat or attachment.]

The court or judge may grant against such debtor a writ of ne exeat or attachment in chancery, as for contempt, when it shall be made to appear, by affidavit, that such writ or attachment is necessary to secure the surrender or disclosures provided for herein.
History:
Laws 1889, ch. 67, § 6; C.L. 1897, § 2823; Code 1915, § 279; C.S. 1929, § 7-106; 1941 Comp., § 23-106; 1953 Comp., § 27-1-6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6A C.J.S. Assignments for Benefit of Creditors §§ 4, 9, 76.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-7 - [Claims of creditors; verification.]

The claims of creditors shall be verified by the oath of the creditor, his agent or attorney, before any portion of the assets shall be received thereon.
History:
Laws 1889, ch. 67, § 7; C.L. 1897, § 2824; Code 1915, § 280; C.S. 1929, § 7-107; 1941 Comp., § 23-107; 1953 Comp., § 27-1-7.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 125, 126.
6A C.J.S. Assignments for Benefit of Creditors §§ 133 to 136, 142.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-8 - [Voluntary assignment; assignment not operative until execution of bond; action on bond.]

In case of any voluntary assignment for the benefit of creditors, such assignment shall not become operative and the assignee shall not enter into the possession of the property assigned until he shall have executed a good and sufficient bond to the state of New Mexico in a sum to be fixed by the judge of the district court of the county of the assignor's residence, which sum shall not be less than double the value of the property assigned; which value shall be ascertained by proof satisfactory to such district judge before the approval of the bond, conditioned for the faithful performance of all his duties as such assignee, and for the payment to the parties entitled thereto, promptly and without delay, of all sums of money which may come into his hands as such assignee. And any person aggrieved may maintain an action upon the said bond in his own name, or in the name of the state, on his relation, in any district court of this state having jurisdiction.
History:
Laws 1889, ch. 67, § 8; C.L. 1897, § 2825; Code 1915, § 281; C.S. 1929, § 7-108; 1941 Comp., § 23-108; 1953 Comp., § 27-1-8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— This section and 56-9-9 NMSA 1978, relating to voluntary assignments, may be affected by Laws 1889, ch. 71, §§ 1 to 44, compiled presently as 56-9-10 to 56-9-53 NMSA 1978, relating to the same subject. Laws 1889, ch. 67, became effective on February 19, 1889, while Laws 1889, ch. 71, became effective on February 20, 1889. Provisions concerning assignee's bond in the later act are in 56-9-18 NMSA 1978.
Liberally construed.
— The law providing for a general assignment for the benefit of all the insolvent's creditors should receive a liberal construction.
Schofield v. Folsom
, 1894-NMSC-015, 7 N.M. 601, 38 P. 251.
Section covers voluntary assignments only.
— Notwithstanding that the general purpose of the act is to prevent preference among creditors, and to create out of any such preference an involuntary assignment, this section was evidently incorporated into it as a piece of legislation designed for a wholly different purpose, and relates, by its terms, to voluntary, rather than involuntary, assignments.
Schofield v. Folsom
, 1894-NMSC-015, 7 N.M. 601, 38 P. 251.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur.2d Assignments for Benefit of Creditors §§ 3, 136 to 138.
6A C.J.S. Assignments for Benefit of Creditors §§ 2, 48.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-9 - [Failure of assignee to settle estate; suit to compel settlement.]

In case of any voluntary assignment, referred to in Section 56-9-8 NMSA 1978, if the assignee shall fail within twelve months to settle up the estate of his assignor and distribute the proceeds thereof among the creditors entitled thereto, any creditor aggrieved may file a bill of complaint in any district court having jurisdiction of the subject matter and the parties to compel such settlement and distribution and thereupon such suit shall proceed in the manner prescribed by this chapter for the proving of claims and the distribution of assets in cases of involuntary assignment.
History:
Laws 1889, ch. 67, § 9; C.L. 1897, § 2826; Code 1915, § 282; C.S. 1929, § 7-109; 1941 Comp., § 23-109; 1953 Comp., § 27-1-9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Rule 1-007A NMRA designates the allowed pleadings and speaks of a "complaint," not a "bill of complaint." Rule 1-003 NMRA provides that a complaint commences a civil action.
The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Cross references.
— For voluntary assignments,
see
56-9-1 to 56-9-7 NMSA 1978.
For provisions concerning voluntary assignments,
see
compiler's note to 56-9-8 NMSA 1978.
For provisions dealing with assignee's failure to settle,
see
56-9-25 NMSA 1978.
For provisions dealing with the time for payment of claims,
see
56-9-41 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-10 - [Voluntary assignments; acknowledgment and recording.]

That every voluntary assignment of lands, tenements, goods, chattels, effects and credits, made by any debtor to any person in trust for the benefit of his creditors, shall be for the benefit of all the creditors of the assignor in proportion to their respective claims, except as hereinafter provided in this chapter; and every such assignment shall be proved or acknowledged and certified and recorded in the same manner as is prescribed by law in cases wherein real estate is conveyed.
History:
Laws 1889, ch. 71, § 1; C.L. 1897, § 2827; Code 1915, § 283; C.S. 1929, § 7-110; 1941 Comp., § 23-110; 1953 Comp., § 27-1-10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Cross references.
— For recordation of real property,
see
14-9-1 to 14-9-9 NMSA 1978.
For assignments by banks,
see
58-1-73 NMSA 1978.
Property assigned under section not attachable.
— The only thing required of the assignor is that he execute an assignment under the formalities required for the conveyance of real estate. The assignment having been "proved, or acknowledged, and certified and recorded," the legal title passes out of the assignor, and the property assigned is no longer subject to seizure under attachment proceedings.
Schofield v. Folsom
, 1894-NMSC-015, 7 N.M. 601, 38 P. 251.
Procedure mandatory on assignees.
— This act was designed to form a complete code of procedure for parties wishing to abandon their estates to their creditors, and assignees must follow this procedure.
In re Zeiger
, 1909-NMSC-017, 15 N.M. 150, 106 P. 345.
Assignment must benefit all creditors proportionally.
— Where a deed of assignment directs the assignee to pay, out of firm assets, an individual partner's creditor in preference to firm creditors, and to pay taxes of individual partners as well as of the firm, it is fraudulent as to creditors. Under such a deed, where the assignee carries on the business under the firm name and replenishes stock, and the assignor is employed to aid in the management, and the assignor has previously secured credit by misrepresentation and conducts himself with the apparent purpose of hindering creditors, the assignment is fraudulent to those extending credit through false claims.
Marshall Field & Co. v. M. Romero & Co.
, 1895-NMSC-002, 7 N.M. 630, 41 P. 517, (case arose before section enacted).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 3, 8, 27, 29, 55, 94, 100, 136 to 139.
6A C.J.S. Assignments for Benefit of Creditors §§ 48, 62, 64, 66.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-11 - [Inventory by assignee.]

It shall be the duty of the assignee, within ten days after the execution and delivery of the deed of assignment, to file in the office of the clerk of the district court of the county in which the assignor, or if there be more than one, in which any of them shall reside, unless longer time be allowed by the judge of the court for good cause shown, an inventory of the property, effects and things assigned.
History:
Laws 1889, ch. 71, § 2; C.L. 1897, § 2828; Code 1915, § 284; C.S. 1929, § 7-111; 1941 Comp., § 23-111; 1953 Comp., § 27-1-11.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 30, 31, 67, 100, 138.
Trademark or trade name as asset in case of assignment for creditors, 44 A.L.R. 706.
6A C.J.S. Assignments for Benefit of Creditors §§ 48, 61, 66, 116.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-12 - [Inventory to be accompanied by affidavit.]

The inventory shall be accompanied with an affidavit by the assignee that the same is a full and complete inventory of all such property, effects and things as far as the same has come to his knowledge.
History:
Laws 1889, ch. 71, § 3; C.L. 1897, § 2829; Code 1915, § 285; C.S. 1929, § 7-112; 1941 Comp., § 23-112; 1953 Comp., § 27-1-12.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-13 - [Appraisement.]

It shall be the duty of the district court, or the judge thereof in vacation, in whose clerk's office such inventory may be filed, to appoint two or more disinterested and competent persons to appraise the property, effects and things so inventoried.
History:
Laws 1889, ch. 71, § 4; C.L. 1897, § 2830; Code 1915, § 286; C.S. 1929, § 7-113; 1941 Comp., § 23-113; 1953 Comp., § 27-1-13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors § 100.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-14 - [Oath of appraisers.]

The appraisers, having first taken an oath or affirmation before some person having authority to administer oaths, to discharge their duties with fidelity, shall forthwith proceed to make such appraisement.
History:
Laws 1889, ch. 71, § 5; C.L. 1897, § 2831; Code 1915, § 287; C.S. 1929, § 7-114; 1941 Comp., § 23-114; 1953 Comp., § 27-1-14.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For persons authorized to administer oaths,
see
14-13-3 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-15 - [Filing of appraisement and oath.]

The appraisers shall file the appraisement and their oath of office in the office of the clerk of the district court, within five days after they shall have completed the same.
History:
Laws 1889, ch. 71, § 6; C.L. 1897, § 2832; Code 1915, § 288; C.S. 1929, § 7-115; 1941 Comp., § 23-115; 1953 Comp., § 27-1-15.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-16 - [Compensation of appraisers.]

The appraisers shall receive four dollars [($4.00)] per day for their necessary attendance and services.
History:
Laws 1889, ch. 71, § 7; C.L. 1897, § 2833; Code 1915, § 289; C.S. 1929, § 7-116; 1941 Comp., § 23-116; 1953 Comp., § 27-1-16.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-17 - [Additional property; appraisement.]

If, after making the first inventory, any other property, effects or things conveyed by the deed of assignment, shall come to the possession or knowledge of the assignee, his duty in relation thereto, and the duty of the court or judge and the appraisers shall be the same as required of them by the preceding section [sections].
History:
Laws 1889, ch. 71, § 8; C.L. 1897, § 2834; Code 1915, § 290; C.S. 1929, § 7-117; 1941 Comp., § 23-117; 1953 Comp., § 27-1-17.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
The word "sections" was inserted to indicate the probable meaning. A reference to the preceding section only would be meaningless. As enacted, this section contained the additional words "of this act" which would limit the reference to 56-9-1 to 56-9-16 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-18 - [Statement of assignee; bond.]

The assignee, his agent or attorney, at the time of the execution and delivery of the deed of assignment, shall make a statement in writing, verified by affidavit, setting forth the general nature and full value of the estate and effects assigned, which statement shall be filed with the deed of assignment for record, and the assignee shall, within five days after the filing of such statement, give bond with at least two good and sufficient securities to be approved by the court, or judge or clerk thereof in vacation, in double the amount of the estate and effects assigned, and if the appraised value of such estate and effects, when appraised, shall be greater than the value given in such statement, or if the securities in such should in any way become impaired or insufficient, the assignee shall, at the time of filing the appraisement, give another bond with at least two good and sufficient securities to be approved in like manner, in double the value of the estate and effects assigned.
History:
Laws 1889, ch. 71, § 9; C.L. 1897, § 2835; Code 1915, § 291; C.S. 1929, § 7-118; 1941 Comp., § 23-118; 1953 Comp., § 27-1-18.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Laws 1889, ch. 67, § 8, presently compiled as 56-9-8 NMSA 1978 also provides for assignee's bond.
See
the compiler's notes to 56-9-8 NMSA 1978.
Cross references.
— For assignee's removal for failure to file inventory or bond,
see
56-9-35, 56-9-36 NMSA 1978.
For the bond requirement for sale of realty,
see
56-9-40 NMSA 1978.
For surety bonds generally,
see
Chapter 46, Article 6 NMSA 1978.
Assignee may amend bond to reflect appraisal lower than initial statement.
— Where the assignee, after having declared in his preliminary statement a higher value of the property than the appraisal showed, he was properly permitted to correct the statement to accord with the value and to file bond for double the latter amount.
Lyndonville Nat'l Bank v. Folsom
, 1894-NMSC-016, 7 N.M. 611, 38 P. 253.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 105, 106; 12 Am. Jur. 2d Bonds § 57.
Right of assignee for creditors under indemnity insurance policy, 6 A.L.R. 1240.
Taking possession of goods by assignee of creditors of vendee as terminating right of stoppage in transitu, 7 A.L.R. 1411.
Assignee's right to possession and administration of collateral validly pledged by his insolvent, 28 A.L.R. 413.
6A C.J.S. Assignments for Benefit of Creditors § 79.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-19 - [Conditions of bond.]

The bond shall be taken in the name of the state of New Mexico, and the conditions shall be as follows: The conditions of this obligation are such that if the above bound assignee of . . . . . . . shall, in all things, discharge his duty as assignee of . . . . . . . aforesaid, and faithfully execute the trust confided to him, then the above obligation to be void, otherwise to remain in full force.
History:
Laws 1889, ch. 71, § 10; C.L. 1897, § 2836; Code 1915, § 292; C.S. 1929, § 7-119; 1941 Comp., § 23-119; 1953 Comp., § 27-1-19.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 105, 106.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-20 - [Recording of bond; filing copies of bond and other papers with county clerk.]

The bond shall be filed in the office of the clerk of the court in which the inventory is filed and shall be by the clerk recorded in a book kept by him for such purpose, and labeled, "Assignments," and presented, if taken by him in vacation, to the district court at its next regular term. A certified copy of such bond, deed of assignment, statement and inventory shall also be filed for record in the office of the county clerk of the same county, as soon as such certified copies can be obtained from the clerk of the district court.
History:
Laws 1889, ch. 71, § 11; C.L. 1897, § 2837; Code 1915, § 293; C.S. 1929, § 7-120; 1941 Comp., § 23-120; 1953 Comp., § 27-1-20.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-21 - [Approval or rejection of bonds taken in vacation.]

The district court or judge shall approve or reject the bonds taken by the clerk in vacation, and the clerk of the district court shall enter the approval or rejection on the record.
History:
Laws 1889, ch. 71, § 12; C.L. 1897, § 2838; Code 1915, § 294; C.S. 1929, § 7-121; 1941 Comp., § 23-121; 1953 Comp., § 27-1-21.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-22 - [Failure to give additional bond; revocation of authority.]

If the bond be rejected the district court or judge thereof shall order the assignee to give another bond, with sufficient security to be approved by the court, and if he fail to give such bond within such time as the court or judge thereof shall direct, not exceeding twenty days, his authority further to act as assignee shall be deemed revoked.
History:
Laws 1889, ch. 71, § 13; C.L. 1897, § 2839; Code 1915, § 295; C.S. 1929, § 7-122; 1941 Comp., § 23-122; 1953 Comp., § 27-1-22.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-23 - [Old bond is valid until new bond approved.]

Such bond shall be valid until such new bond be given and approved, notwithstanding its rejection by the court, and such new bond, when approved, shall relate back and operate from the date of assignment.
History:
Laws 1889, ch. 71, § 14; C.L. 1897, § 2840; Code 1915, § 296; C.S. 1929, § 7-123; 1941 Comp., § 23-123; 1953 Comp., § 27-1-23.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-24 - [Suit on bond.]

Any person, injured by a breach of the condition of the bond, may sue thereon in the name of the state for his use, and the damages shall be assessed as on bonds with collateral conditions.
History:
Laws 1889, ch. 71, § 15; C.L. 1897, § 2841; Code 1915, § 297; C.S. 1929, § 7-124; 1941 Comp., § 23-124; 1953 Comp., § 27-1-24.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Official, as distinguished from individual acts for which sureties on bond of assignee for creditors are liable, 50 A.L.R. 314.
6A C.J.S. Assignments for Benefit of Creditors §§ 79, 175.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-25 - [Statement of accounts; time of making; dismissal for failure to make.]

Every assignee shall exhibit on oath a statement of the accounts of the trust, with proper vouchers, to the district court at the first regular term after the execution of the assignment unless for good cause postponed, and shall file a like statement at least every three months thereafter for the inspection of the judge, and if by the judge found correct and proper, to be by him approved; such statements to be so made until assigned estate is fully settled. And if such assignee shall fail to make such settlement as herein provided for within the time mentioned, then on the application of any person interested, the court or judge thereof shall order a citation to issue to such assignee requiring him to appear before him at his chambers within a time named therein and exhibit on oath a statement of his accounts, and if said assignee shall neglect and fail to exhibit such accounts within the time named in such citation, the judge shall, on motion, unless for good cause shown, dismiss said assignee from his trust and enter an order that he pay all costs of the proceedings.
History:
Laws 1889, ch. 71, § 16; C.L. 1897, § 2842; Code 1915, § 298; C.S. 1929, § 7-125; 1941 Comp., § 23-125; 1953 Comp., § 27-1-25.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Laws 1889, ch. 67, § 9, compiled as 56-9-9 NMSA 1978, also provides for procedures upon an assignee's failure to settle the estate.
See
the compiler's notes to 56-9-8 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 18, 130.
6A C.J.S. Assignments for Benefit of Creditors § 112.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-26 - [Notice of filing accounts.]

The court or judge thereof shall, by such order as the circumstances of the case may require, direct the clerk to give notice of the exhibition and filing of such accounts, for such time and in some newspaper of general circulation within the county wherein such assignment is made and recorded, and that such accounts will be allowed by the court or judge thereof in vacation, at a certain time, to be stated in such notice, unless good cause to the contrary is shown.
History:
Laws 1889, ch. 71, § 17; C.L. 1897, § 2843; Code 1915, § 299; C.S. 1929, § 7-126; 1941 Comp., § 23-126; 1953 Comp., § 27-1-26.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For publication of legal notices,
see
14-11-10 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6A C.J.S. Assignments for Benefit of Creditors § 81.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-27 - [Advertising paid by assignee; credit.]

The expense of advertising shall be paid by the assignee at the time of exhibiting his account, and shall be passed to his credit in such account.
History:
Laws 1889, ch. 71, § 18; C.L. 1897, § 2844; Code 1915, § 300; C.S. 1929, § 7-127; 1941 Comp., § 23-127; 1953 Comp., § 27-1-27.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-28 - [Adjustment and allowance of demands.]

The assignee shall appoint a day, within three months after the date of the assignment, and a place, which shall be the county seat of the county where the inventory is filed, or such other place in said county most convenient to all the parties in interest where any court of record may be lawfully held, when and where he will proceed publicly to adjust and allow demands against the estate and effects of the assignor.
History:
Laws 1889, ch. 71, § 19; C.L. 1897, § 2845; Code 1915, § 301; C.S. 1929, § 7-128; 1941 Comp., § 23-128; 1953 Comp., § 27-1-28.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Right of lessor to compensation out of estate for use of premises by receiver or assignee for creditors without adopting lease, 43 A.L.R. 734.
Reformation of instrument as against assignee for creditors or creditors secured by assignment, 44 A.L.R. 115, 79 A.L.R.2d 1180.
Rights of holder of trust receipt as against assignee for creditors of receiptor, 49 A.L.R. 291, 87 A.L.R. 302, 101 A.L.R. 453, 168 A.L.R. 359.
Freight charges, liability for, of assignee for creditors of consignee, 61 A.L.R. 432.
Rights in respect of legacy charged upon devisee's land, as against assignee for creditors of devisee. 116 A.L.R. 35, 134 A.L.R. 361.
6A C.J.S. Assignments for Benefit of Creditors §§ 53, 70, 71, 134.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-29 - [Notice of adjusting and allowing demands; publication; procedure; claims not presented.]

The assignee shall give notice of the time and place of adjusting and allowing demands against the estate of his assignor, by advertisement published in some newspaper printed in the county, or if there be none, in the one nearest the place where the inventory is filed, for four weeks successively, the last insertion to be at least one week before the appointed day, and also, whenever the residence of any of the creditors is known to him, by letters addressed to such creditors at their known or usual place of abode, at least four weeks before the appointed day. The assignee shall attend at the place designated in said notice, in person, on said day, and shall remain in attendance at said place on said day, and during two consecutive days thereafter, and shall commence the adjustment and allowance of demands against the trust fund at nine o'clock a.m. and continue the same until five o'clock p.m. of each of the said three days; and all creditors who, after being notified as aforesaid, shall not attend at the place designated during the said term, and lay before the assignee the nature and amount of their demands, shall be precluded of any benefit of said estate, but the hearing on any demand presented at the time may be continued, for good cause shown, to such time as is deemed right: provided, that any creditor who shall fail to lay his claim before said assignee during the said term on account of sickness, absence from the state, or any other good cause, may, at any time before the declaration of the final dividend, file and prove up his claim, and the same may be allowed, and the remaining dividends paid thereon as in the case of other allowed claims.
History:
Laws 1889, ch. 71, § 20; C.L. 1897, § 2846; Code 1915, § 302; C.S. 1929, § 7-129; 1941 Comp., § 23-129; 1953 Comp., § 27-1-29.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For legal newspapers,
see
14-11-12 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 125, 126.
Waiver of or estoppel to assert lien by filing claim with or receiving dividend from assignee for creditors, 55 A.L.R. 993.
Mechanic's lien as waived by filing claim with assignee for creditors, 65 A.L.R. 315.
6A C.J.S. Assignments for Benefit of Creditors § 134.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-30 - [Assignee may administer oaths to witnesses.]

The assignee shall have power to administer all necessary oaths to debtors, creditors and witnesses, and may examine them on oath, touching any claim exhibited to him for allowance.
History:
Laws 1889, ch. 71, § 21; C.L. 1897, § 2847; Code 1915, § 303; C.S. 1929, § 7-130; 1941 Comp., § 23-130; 1953 Comp., § 27-1-30.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-31 - [Rejection of claims.]

Should the assignee reject any claim or demand against the estate, he shall indorse on the back of said claim or demand the word, "Rejected," giving the date of said rejection and sign his name as such assignee thereto.
History:
Laws 1889, ch. 71, § 22; C.L. 1897, § 2848; Code 1915, § 304; C.S. 1929, § 7-131; 1941 Comp., § 23-131; 1953 Comp., § 27-1-31.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6A C.J.S. Assignments for Benefit of Creditors § 136.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-32 - [Rejected claim; right to bring action; limitation.]

If, within thirty days after the same is rejected, the party owning said claim does not prosecute his action against the assignee in a court of competent jurisdiction, a recovery upon said claim or demand shall be forever barred. If the plaintiff's cause of action be dismissed at the instance of the defendant other than on its merits, the plaintiff shall have thirty days from the date of such dismissal to bring a new suit.
History:
Laws 1889, ch. 71, § 23; C.L. 1897, § 2849; Code 1915, § 305; C.S. 1929, § 7-132; 1941 Comp., § 23-132; 1953 Comp., § 27-1-32.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 52, 72.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-33 - [Judgments in favor of claimant certified to assignee.]

All judgments rendered in favor of any claimant in the district court, by virtue of the provisions of this chapter, shall be certified by the clerk thereof to the assignee, who shall allow the same and class it as a valid claim against the estate.
History:
Laws 1889, ch. 71, § 24; C.L. 1897, § 2850; Code 1915, § 306; C.S. 1929, § 7-133; 1941 Comp., § 23-133; 1953 Comp., § 27-1-33.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 112, 134; 47 Am. Jur. 2d Judgments § 759.
6A C.J.S. Assignments for Benefit of Creditors § 157.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-34 - [Claims of assignee; presentation to court; temporary assignee; allowance or rejection of claim.]

If the assignee shall have a demand against the assignor which he desires to have allowed, he may present a petition to the district court or to the judge thereof in vacation, stating the particulars of his demand and the amount thereof, verified by affidavit, and thereupon such court, or the judge thereof in vacation, shall appoint some suitable person to act temporarily as the assignee of such estate for the purpose of hearing and passing upon such demand. The assignee appointed shall take an oath that he will faithfully discharge the trust confided to him, and shall proceed to examine the claim, and if same be found to be correct in whole or in part, he shall allow the amount found to be due, and report his action in the premises to the proper court at the next term thereof, or to the judge of said court in vacation; and the court or judge, as the case may be, shall make an order directing the sum allowed to be paid to the claimant as other allowances are paid; and in case such demand or demands shall have been rejected by the temporary assignee, such proceedings may be had as designated in Sections 56-9-31 to 56-9-33 NMSA 1978.
History:
Laws 1889, ch. 71, § 25; C.L. 1897, § 2851; Code 1915, § 307; C.S. 1929, § 7-134; 1941 Comp., § 23-134; 1953 Comp., § 27-1-34.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors § 104.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-35 - [Failure of assignee to file inventory or give bond; citation to show cause.]

Whenever it shall be made to appear to the court having jurisdiction, or the judge of the proper district court in vacation, that any assignee has neglected and refused, when required by law, to file a full and true inventory or to give a bond as required by this chapter, the court, or judge thereof in vacation, shall issue a citation to said assignee to appear before said judge at a time and place within his judicial district therein specified, to show cause why he should not be dismissed from his trust.
History:
Laws 1889, ch. 71, § 26; C.L. 1897, § 2852; Code 1915, § 308; C.S. 1929, § 7-135; 1941 Comp., § 23-135; 1953 Comp., § 27-1-35.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— For meaning of "this chapter",
see
same catchline in the notes to 56-9-1 NMSA 1978.
Cross references.
— For removal for failure to furnish new bond,
see
46-6-3 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 30, 31, 100, 105, 106.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-36 - [Dismissal of assignee.]

On the return of the citation, the court, or judge thereof, may require the assignee to file an inventory and to give a bond, with good and sufficient security, at any time, as he may deem reasonable, or may proceed at once to dismiss such assignee from his trust.
History:
Laws 1889, ch. 71, § 27; C.L. 1897, § 2853; Code 1915, § 309; C.S. 1929, § 7-136; 1941 Comp., § 23-136; 1953 Comp., § 27-1-36.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors § 92.
What constitutes abandonment or rejection of property or assets of bankrupt estate by trustees so as to revest title thereto in bankrupt, 19 A.L.R.2d 890.
6A C.J.S. Assignments for Benefit of Creditors §§ 82, 172.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-37 - [Insolvency or removal of security on bond.]

The like proceedings as are prescribed in the last two preceding sections [56-9-35, 56-9-36 NMSA 1978] may be had whenever it shall appear to the court or judge that any person who shall have become security for any assignee in any bond given for due execution of his trust, has or is likely to become insolvent, or has removed or is about to remove from the state.
History:
Laws 1889, ch. 71, § 28; C.L. 1897, § 2854; Code 1915, § 310; C.S. 1929, § 7-137; 1941 Comp., § 23-137; 1953 Comp., § 27-1-37.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 73, 84, 89, 134.
6A C.J.S. Assignments for Benefit of Creditors §§ 81, 82.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-38 - [Appointment of new assignee.]

The court, or judge thereof, shall have power to appoint an assignee in all cases of dismissal of an assignee from his trust, and like bond and security shall be required and given by the assignee so appointed as are required and given by an assignee appointed by an assignor.
History:
Laws 1889, ch. 71, § 29; C.L. 1897, § 2855; Code 1915, § 311; C.S. 1929, § 7-138; 1941 Comp., § 23-138; 1953 Comp., § 27-1-38.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 27, 44, 89, 90.
6A C.J.S. Assignments for Benefit of Creditors §§ 16, 79 to 84.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-39 - [Dismissal of assignee; delivery of papers, moneys and effects.]

When any assignee shall be dismissed from his trust, the court or judge shall order all the books, papers, effects, moneys and evidences of debt to be forthwith delivered to his successor in trust, or to such other persons as the court or judge shall appoint to receive the same for the time being.
History:
Laws 1889, ch. 71, § 30; C.L. 1897, § 2856; Code 1915, § 312; C.S. 1929, § 7-139; 1941 Comp., § 23-139; 1953 Comp., § 27-1-39.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors § 92.
What constitutes abandonment or rejection of property or assets of bankrupt estate by trustee so as to revest title thereto in bankrupt, 19 A.L.R.2d 890.
6A C.J.S. Assignments for Benefit of Creditors §§ 82, 83.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-40 - [Sale of property; order of court; bond of assignee.]

The district court, or the judge thereof in vacation, shall make an order for the sale of all the real and personal estate conveyed by any deed of assignment, either for cash in hand or upon reasonable credit, and upon such other terms and notice as shall appear to the court or judge to be most advantageous to all the parties in interest, and shall by order, direct the nature of the security to be taken at sales made by assignees under this chapter. Before any sale of such real estate shall be made, the assignee shall give bond with at least two good securities, to be approved by the court, or judge thereof in vacation, in an amount equal to the value of the real estate to be sold, conditioned that the said assignee will faithfully make the same under such order, and duly account for the proceeds thereof under the provisions contained in this chapter.
History:
Laws 1889, ch. 71, § 31; C.L. 1897, § 2857; Code 1915, § 313; C.S. 1929, § 7-140; 1941 Comp., § 23-140; 1953 Comp., § 27-1-40.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Sales of assigned property must be in accordance with this section.
Moore v. Western Meat Co.
, 1911-NMSC-014, 16 N.M. 107, 113 P. 827;
In re Zeiger
, 1909-NMSC-017, 15 N.M. 150, 106 P. 345.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 2, 4, 22, 47, 60, 102.
Estoppel of person by failure to disclose his interest in property sold by assignee for benefit of creditors, 50 A.L.R. 787.
Good will of business, sale of, by assignee of creditors as implying restriction against competition by former owner, in absence of provisions in that regard, 82 A.L.R. 1038.
Necessary parties defendant to action to set aside conveyance in fraud of creditors, 24 A.L.R.2d 395.
Circumstances authorizing sale of debtor's assets in bankruptcy arrangement proceedings, 24 A.L.R.2d 1214.
6A C.J.S. Assignments for Benefit of Creditors §§ 33, 52, 93 to 98, 137.