reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1B - Interstate Bank Acquisitions › Section 58-1B-9 - Agency activities.

A. If it complies with the requirements of this section, a New Mexico state bank may agree to act as an agent for any affiliated bank depository institution to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and perform other services for which it has received the prior approval of the director.
B. A New Mexico state bank that proposes to enter into an agency agreement pursuant to this section shall file with the director, at least thirty days before the effective date of the agreement:
(1) a notice of intention to enter into an agency agreement with an affiliated depository institution;
(2) a description of the services proposed to be performed under the agency agreement; and
(3) a copy of the agency agreement.
C. If any proposed service is not specifically designated in Subsection A of this section and has not been approved previously in a regulation issued by the director, the director shall decide, within thirty days after receipt of the notice required by Subsection B of this section, whether to approve the offering of the service. If the director requests additional information after reviewing the notice, the time limit for the director's decision is thirty days after receiving the additional information. In deciding whether to approve a proposed service, the director shall consider whether the service would be consistent with state and federal law and the safety and soundness of the principal and agent institutions. The New Mexico state bank shall give appropriate notice to the public of each approval.
D. Any proposed service offered pursuant to Subsection C of this section is deemed approved if the director takes no action after receiving the notice required by Subsection B of this section within the time limits specified in Subsection C of this section.
E. A New Mexico state bank may not pursuant to an agency agreement:
(1) conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or
(2) have an agent conduct any activity that the bank as principal would be prohibited from conducting under applicable state or federal law.
F. The director may order a New Mexico state bank or any other depository institution that is subject to the director's enforcement powers to cease acting as an agent or principal under an agency agreement with an affiliated depository institution if the director finds the provisions of the agency agreement or the actions of the parties pursuant to it to be inconsistent with safe and sound banking practices.
G. A New Mexico state bank acting as an agent for an affiliated depository institution in accordance with this section is not a branch bank of that institution.
History:
Laws 1996, ch. 2, § 9.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1B - Interstate Bank Acquisitions › Section 58-1B-10 - Authority to issue regulations; cooperative agreements; fees.

To carry out the purposes of the Interstate Bank Acquisition Act, the director may:
A. adopt regulations;
B. enter into cooperative, coordinating or information-sharing agreements with a bank supervisory agency or an organization affiliated with or representing a bank supervisory agency;
C. accept a report of examination or investigation by a bank supervisory agency having concurrent jurisdiction over a New Mexico state bank or a bank holding company that controls a New Mexico state bank in lieu of conducting an examination or investigation of the bank or bank holding company;
D. enter into a sole source contract pursuant to Section 13-1-126 NMSA 1978 with a bank supervisory agency having concurrent jurisdiction over a New Mexico state bank or a bank holding company that controls a New Mexico state bank to engage the services of that agency's examiners at a reasonable rate of compensation, or to provide the services of the director's examiners to that agency at a reasonable rate of compensation;
E. conduct joint examinations or joint enforcement actions with a bank supervisory agency having concurrent jurisdiction over a New Mexico state bank or a bank holding company that controls a New Mexico state bank, but if the examination or enforcement action involves an out-of-state bank holding company, the director shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters;
F. conduct examinations and enforcement actions of a New Mexico state bank or a New Mexico bank holding company that controls a New Mexico state bank if the director determines that the action is necessary to carry out the director's responsibilities pursuant to the Interstate Bank Acquisition Act or to enforce compliance with the laws of this state; and
G. include in regulations adopted provisions for:
(1) the assessment of supervisory and examination fees to be paid by New Mexico banks and New Mexico bank holding companies in connection with the director's performance of his duties; and
(2) sharing of fees assessed pursuant to Paragraph (1) of this subsection with a bank supervisory agency or an organization affiliated with or representing a bank supervisory agency in accordance with an agreement between it and the director.
History:
Laws 1996, ch. 2, § 10.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1B - Interstate Bank Acquisitions › Section 58-1B-11 - Enforcement.

The director may enforce the provisions of the Interstate Bank Acquisition Act by an action for injunctive relief in the district court of Santa Fe county. The director shall give notice promptly to the home state regulator of any action commenced by the director against an out-of-state bank holding company and, to the extent practicable, shall consult and cooperate with that regulator in pursuing and resolving the enforcement action.
History:
Laws 1996, ch. 2, § 11.
ANNOTATIONS
Severability clauses.
— Laws 1996, ch. 2, § 12 provides that if any part of the Interstate Bank Acquisition Act is held invalid or to be superseded, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-1 - Short title.

Sections 14 through 27 [58-1C-1 to 58-1C-13 NMSA 1978] of this act may be cited as the "Interstate Bank Branching Act".
History:
Laws 1996, ch. 2, § 14.
ANNOTATIONS
Cross references.
— For the Interstate Bank Acquisition Act,
see
Chapter 58, Article 1B NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-2 - Purpose.

The purpose of the Interstate Bank Branching Act is to permit interstate bank branching by merger pursuant to the provisions of the federal Regle-Neal Interstate Banking and Branching Efficiency Act of 1994, P.L. 103-328.
History:
Laws 1996, ch. 2, § 15.
ANNOTATIONS
Compiler's notes.
— The Regle-Neal Interstate Banking and Branching Efficiency Act primarily amended several sections throughout Title 12 of the United States Code.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-4 - Authority of state banks to establish interstate branches by merger.

A. If it obtains the prior approval of the director, a New Mexico state bank may establish, maintain and operate one or more branches in a state other than New Mexico pursuant to an interstate merger transaction in which the New Mexico state bank is the resulting bank.
B. Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant New Mexico state bank shall file the documents and information required by Subsections A and B of Section 58-4-4 NMSA 1978 and pay a fee in an amount that shall be prescribed by the director by rule.
C. The director shall approve the interstate merger transaction and the operation of branches outside of New Mexico by the New Mexico state bank if he finds that:
(1) the proposed transaction will not be detrimental to the safety and soundness of the applicant or the resulting bank;
(2) any new officers and directors of the resulting bank are qualified by character, experience and financial responsibility to direct and manage the resulting bank; and
(3) the proposed merger is consistent with the convenience and needs of the communities to be served by the resulting bank in this state and is otherwise in the public interest.
D. The interstate merger transaction may be effected only after the applicant has received the director's written approval.
History:
Laws 1996, ch. 2, § 17.
ANNOTATIONS
Cross references.
— For merger and consolidation of banks,
see
Chapter 58, Article 4 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-5 - Interstate merger transactions and branching permitted.

A. One or more New Mexico banks may enter into an interstate merger transaction with one or more out-of-state banks pursuant to the Interstate Bank Branching Act, and an out-of-state bank resulting from the transaction may maintain and operate as branches in New Mexico the former New Mexico banks that participated in the transaction if the conditions and filing requirements of that act are met.
B. Except as otherwise expressly provided in this subsection, an interstate merger transaction is not permitted pursuant to the Interstate Bank Branching Act if, upon effecting the transaction, the resulting bank, including all insured depository institutions that would be affiliates, as defined in 12 U.S.C.A. Section 1841(k), of the resulting bank, would result in an undue concentration of deposits totaling forty percent or more of the total deposits in all depository institutions in New Mexico. The director may by regulation adopt a procedure to waive the foregoing prohibition to prevent the insolvency or closing of a New Mexico state bank.
C. An interstate merger transaction resulting in the acquisition by an out-of-state bank of a New Mexico bank is not permitted pursuant to the Interstate Bank Branching Act, unless the New Mexico bank on the date of the acquisition has been in continuous operation under an active charter for a period of at least five years.
History:
Laws 1996, ch. 2, § 18.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-6 - De novo branching and acquisition of individual branches not permitted.

Interstate branching, either de novo or by acquisition of one or more branches, not involving all or substantially all of the assets and branches of a New Mexico bank is prohibited.
History:
Laws 1996, ch. 2, § 19.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-7 - Notice and filing requirements.

An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a New Mexico state bank shall notify the director of the proposed merger no later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency. The out-of-state bank shall submit a copy of that application to the director and pay a fee in an amount that the director shall prescribe by regulation. Any New Mexico state bank that is a party to the interstate merger transaction shall comply with all applicable state and federal laws.
History:
Laws 1996, ch. 2, § 20.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-8 - Condition for interstate merger prior to June 1, 1997.

An interstate merger transaction prior to June 1, 1997 resulting in a New Mexico branch of an out-of-state bank shall not be consummated and any out-of-state bank resulting from such a merger shall not operate a branch in New Mexico, unless the director first:
A. finds that the laws of the home state of each out-of-state bank involved in the interstate merger transaction permit New Mexico state banks, under substantially the same terms and conditions as are set forth in the Interstate Bank Branching Act, to acquire banks and establish and maintain branches in that state by means of interstate merger transactions;
B. concludes that the resulting out-of-state bank has complied with all applicable requirements of New Mexico law and has agreed in writing to comply with the laws of this state applicable to its operation of branches in New Mexico; and
C. certifies to the federal bank supervisory agency having authority to approve the interstate merger transaction that the conditions and requirements of the Interstate Bank Branching Act have been met.
History:
Laws 1996, ch. 2, § 21.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-9 - Powers; additional branches.

A. An out-of-state state bank with branches in New Mexico authorized pursuant to the Interstate Bank Branching Act may conduct any activities at its branches that are authorized pursuant to the laws of this state for New Mexico state banks.
B. A New Mexico state bank may conduct any activities at any branch outside New Mexico that are permissible for a bank chartered by the host state where the branch is located.
C. An out-of-state bank that has acquired branches in New Mexico under the Interstate Bank Branching Act may establish or acquire additional branches in New Mexico to the same extent that any New Mexico bank may establish or acquire a branch in New Mexico pursuant to applicable federal and state law.
History:
Laws 1996, ch. 2, § 22.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-11 - Enforcement.

If the director determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of the laws of this state, is not reasonably meeting the credit needs of the community served or is being operated in an unsafe and unsound manner, the director may take the same enforcement actions he could take if the branch were a New Mexico state bank. The director shall give notice promptly to the home state regulator of an enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
History:
Laws 1996, ch. 2, § 24.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 1C - Interstate Bank Branching › Section 58-1C-13 - Notice of subsequent merger and other transactions.

An out-of-state state bank that has established and maintains a branch in this state pursuant to the Interstate Bank Branching Act shall give at least thirty days prior written notice or, in the case of an emergency transaction, shorter notice consistent with applicable state or federal law to the director of any merger, consolidation or other transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank if the result of the transaction would require an application to be filed pursuant to the federal Change in Bank Control Act of 1978, 12 U.S.C.A. Section 1817(j) or the federal Bank Holding Company Act of 1956, 12 U.S.C.A. Section 1841 et seq.
History:
Laws 1996, ch. 2, § 26.
ANNOTATIONS
Severability clauses.
— Laws 1996, ch. 2, § 27 provides that if any part of the Interstate Branch Banking Act is held invalid or to be superseded, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-1 - ["Banking institution" defined.]

The term "banking institution," as used in this act [58-2-1 to 58-2-8 NMSA 1978] shall be construed to mean any bank, trust company, bank and trust company, stock savings bank or mutual savings bank, which is now or may hereafter be organized under the laws of this state.
History:
Laws 1935, ch. 16, § 1; 1941 Comp., § 50-1101; 1953 Comp., § 48-11-1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 1.
9 C.J.S. Banks and Banking § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-2 - [Acceptance of federal laws.]

Any banking institution now or hereafter reorganized under the laws of this state is hereby empowered, on the authority of its board of directors, or a majority thereof, to enter into such contracts, incur such obligations and generally to do and perform any and all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges, which may at any time be available or endure [enure] to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of Section 8, of the federal "Banking Act of 1933" (Sec. 12B of the Federal Reserve Act, as amended), which establish the federal deposit insurance corporation and provide for the insurance of deposits, or of any other provisions of that or of any other act or resolution of congress to aid, regulate or safeguard banking institutions and their depositors, including any amendments of the same or any substitutions therefor; also, to subscribe for and acquire any stock, debentures, bonds or other types of securities of the federal deposit insurance corporation and to comply with the lawful regulations and requirements from time to time issued or made by such corporation.
History:
Laws 1935, ch. 16, § 2; 1941 Comp., § 50-1102; 1953 Comp., § 48-11-2.
ANNOTATIONS
Federal Reserve Act.
— Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 427.
Rights of owners of securities deposited in bank to payment out of guaranty fund, 51 A.L.R. 920, 84 A.L.R. 1534, 126 A.L.R. 625.
Insolvency of bank guaranty fund as affecting rights or obligations of member banks and their depositors, 78 A.L.R. 808.
Bank guaranty laws as special or class legislation, 111 A.L.R. 148.
Draft, cashier's check or certified check, purchaser or holder of, as a depositor within statutes relating to guaranty or insurance of deposit liability, 111 A.L.R. 228.
Federal Deposit Insurance Corporation Act, constitutionality and construction of criminal provision of, 114 A.L.R. 489.
Trust business, constitutionality, construction and application of federal statute relating to power of national bank to engage in, 153 A.L.R. 410.
Interest in respect of insured deposit, liability of federal deposit insurance corporation for, 153 A.L.R. 532.
9 C.J.S. Banks and Banking § 650.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-3 - [Liquidation of banks by federal deposit insurance corporation.]

The federal deposit insurance corporation created by Section eight of the federal "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) is hereby authorized and empowered to be and act without bond as receiver or liquidator of any banking institution, the deposits in which are to any extent insured by said corporation, and which shall have been closed on account of inability to meet the demands of its depositors.
The appropriate state authority, having the right to appoint a receiver or liquidator of a banking institution, may in the event of such closing tender to said corporation the appointment as receiver or liquidator of such banking institution, and if the corporation shall have and possess all the powers and privileges provided by the laws of this state with respect to a receiver or liquidator respectively of a banking institution, its depositors and other creditors, and be subject to all the duties of such receiver or liquidator, except insofar as such powers, privileges or duties are in conflict with the provisions of Subsection (1) of Section 12B of the Federal Reserve Act, as amended (Section 8 of said "Banking Act of 1933").
History:
Laws 1935, ch. 16, § 3; 1941 Comp., § 50-1103; 1953 Comp., § 48-11-3.
ANNOTATIONS
Compiler's notes.
— Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Cross references.
— For possession of and title to assets of closed banks,
see
58-2-7 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 272.
Construction and application of provisions of Federal Reserve Act regarding continuance of bank deposit insurance after termination of insured status of bank, 143 A.L.R. 1053.
9 C.J.S. Banks and Banking § 651.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-4 - [Subrogation of federal corporation.]

Whenever any banking institutions shall have been closed as aforesaid, and said federal deposit insurance corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed banking institutions, as herein provided, shall be subrogated to all rights against such closed banking institution of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is provided for in Subsection (1) of Section 12B of said Federal Reserve Act, as amended (being Section 8 of said "Banking Act of 1933") in the case of the closing of a national bank: provided, that the rights of depositors and other creditors of such closed institutions shall be determined in accordance with the applicable provisions of the laws of this state.
History:
Laws 1935, ch. 16, § 4; 1941 Comp., § 50-1104; 1953 Comp., § 48-11-4.
ANNOTATIONS
Compiler's notes.
— Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 777.
Liability of Federal Deposit Insurance Corporation for interest in respect of insured deposit, 153 A.L.R. 532.
9 C.J.S. Banks and Banking §§ 203, 209, 210, 405.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-5 - Exchange of information.

The director of the financial institutions division is authorized to accept in his discretion in lieu of any examination authorized by the laws of this state to be conducted by the division of a banking institution the examination that may have been made of same within a reasonable period by the federal deposit insurance corporation provided a copy of said examination is furnished to him. The director of the financial institutions division, may, also, in his discretion accept any report relative to the condition of a banking institution which may have been obtained by said corporation within a reasonable period, in lieu of a report authorized by the laws of this state to be required of such institution by the division, provided a copy of such report is furnished to the director of the financial institutions division.
The director of the financial institutions division may furnish to said corporation, or to any official or examiner thereof, a copy or copies of any or all examinations made of any such banking institutions and of any or all reports made by same, and shall give access to and disclose to said corporation or any official or examiner thereof any and all information possessed by him with reference to the conditions or affairs of any such insured institution.
Nothing in this section shall be construed to limit the duty of any banking institution in this state, deposits in which are to any extent insured under the provisions of Section 8 of the "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) or of any amendment of or substitution for the same, to comply with the provision of said act, its amendments or substitutions or the requirements of said corporation relative to examinations and reports, nor to limit the powers of the director of the financial institutions division with reference to examinations and reports under existing law.
History:
Laws 1935, ch. 16, § 5; 1941 Comp., § 50-1105; 1953 Comp., § 48-11-5; Laws 1977, ch. 245, § 25.
ANNOTATIONS
Compiler's notes.
— Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 18.
9 C.J.S. Banks and Banking § 650.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-6 - Loans by and sale of assets to federal corporation.

With respect to any banking institution, which is now or may hereafter be closed on account of inability to meet the demands of its depositors or by action of the director of the financial institutions division or of a court or by action of its directors or in the event of its insolvency or suspension, the director of the financial institutions division and/or the receiver or liquidator of such institution with the permission of the court having jurisdiction may borrow from said corporation and furnish any part or all of the assets of said institution to said corporation as security for a loan from same, provided, that where said corporation is acting as such receiver or liquidator, the order of a court of record of competent jurisdiction shall be first obtained approving such loan. The director of the financial institutions division upon the order of a court of record of competent jurisdiction, and the receiver or liquidator of any such institution may sell to said corporation any part or all of the assets of such institution.
The provisions of this section shall not be construed to limit the power of any banking institution, the director of the financial institutions division or receivers or liquidators to pledge or sell assets in accordance with any existing law.
History:
Laws 1935, ch. 16, § 6; 1941 Comp., § 50-1106; 1953 Comp., § 48-11-6; Laws 1977, ch. 245, § 26.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 222.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-7 - [Federal corporation as receiver or liquidator; possession of and title to assets.]

Upon the acceptance of the appointment of receiver or liquidator aforesaid by said corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporation and without the execution of any instruments of conveyance, assignment, transfer or endorsement.
History:
Laws 1935, ch. 16, § 7; 1941 Comp., § 50-1107; 1953 Comp., § 48-11-7.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 763 to 769.
9 C.J.S. Banks and Banking § 651.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 2 - Insurance of Bank Deposits › Section 58-2-8 - [Enforcement of individual liability of stockholders and directors of closed banks.]

Among its other powers, said corporation, in the performance of its powers and duties as such receiver or liquidator, shall have the right and power upon the order of a court of record of competent jurisdiction to enforce the individual liability of the stockholders, and directors of any such banking institution.
History:
Laws 1935, ch. 16, § 8; 1941 Comp., § 50-1108; 1953 Comp., § 48-11-8.
ANNOTATIONS
Severability clauses.
— Laws 1935, ch. 16, § 9, provides for the severability of the act if any part or application thereof is invalid.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 272.
9 C.J.S. Banks and Banking § 654.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 3 - Accounts › Section 58-3-1 - Interest on accounts.

A. A state bank may maintain time and savings deposit accounts and pay interest on balances therein at rates which need not be uniform. The director of the financial institutions division may, by general regulation, fix maximum rates of interest.
B. Time or savings account deposits shall be repaid to depositors under regulations adopted by the board of directors from time to time. These shall be available at the bank for inspection by depositors upon request, and depositors shall be so informed.
History:
1953 Comp., § 48-4-2, enacted by Laws 1975, ch. 330, § 4; 1977, ch. 245, § 24.
ANNOTATIONS
National banks in New Mexico are subject to this section.
— National banks are subject to the laws of a state in respect of their affairs, unless such laws interfere with the purposes of their creation, tend to impair or destroy their efficiency as federal agencies, or conflict with the paramount law of the United States. 1960 Op. Att'y Gen. No. 60-141.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 415.
Construction of savings bank bylaw expressly assented to by depositor, relieving bank from liability for payment to unauthorized person, 52 A.L.R. 760.
Constitutionality of statute in relation to interest on bank deposit, 62 A.L.R. 489.
Passbook, validity and construction of agreement for, or condition of, indemnity to bank in event of payment to depositor who cannot produce, 81 A.L.R. 1150.
Effect, on bank depositor's rights and those of bank, of printed rules in passbook not expressly accepted, 60 A.L.R.2d 708.
Bank's liability to customer for imposing allegedly excessive service charges, 73 A.L.R.4th 1028.
Certificate of deposit as "security" under federal securities laws, 82 A.L.R. Fed. 553.
9 C.J.S. Banks and Banking § 264.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 3 - Accounts › Section 58-3-2 - Refusal to accept signatures or endorsements.

A. A bank may refuse to pay any check, draft or order drawn upon it when the officers of the bank or national bank have reason to believe that the person signing or endorsing the instrument is or was so under the influence of alcohol or drug as to make it reasonably doubtful whether such person is or the person was at the time of signing or endorsing the check, draft or order capable of transacting business. No damages shall be awarded in any action against the bank or trust company or its officers for refusing in good faith to pay any such check, draft or order for such reason.
B. A bank, national bank or the principal officers of a bank or national bank are not liable for damages for refusing in good faith to pay any check, draft or order pursuant to Subsection A of this section.
History:
1953 Comp., § 48-10-10, enacted by Laws 1975, ch. 330, § 6.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 265.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 3 - Accounts › Section 58-3-3 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1978, ch. 122, §§ 1 and 2, repeal 48-10-3, 1953 Comp. (58-3-3 NMSA 1978), relating to joint accounts, effective March 6, 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 3 - Accounts › Section 58-3-4 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1989, ch. 209, § 18 repeals 58-3-4 NMSA 1978, as amended by Laws 1987, ch. 331, § 1, relating to withdrawals from financial institutions, effective June 16, 1989.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-1 - Additional definitions.

As used in this article, unless the context otherwise requires:
A. "association" includes a state or federal savings and loan association unless limited by use of the words "state" or "federal";
B. "converting bank" means a bank converting from a state bank to a national bank or the reverse;
C. "merger" includes consolidation;
D. "merging bank" means a party to a merger;
E. "resulting bank" means the bank resulting from a merger or conversion; and
F. "dissenting stockholder" means a stockholder dissenting and voting his dissent as provided in this article.
History:
1941 Comp., § 50-1901, enacted by Laws 1951, ch. 37, § 1; 1953 Comp., § 48-13-1; Laws 1993, ch. 210, § 2.
ANNOTATIONS
Cross references.
— For the Interstate Bank Branching Act,
see
58-1C-1 NMSA 1978.
The 1993 amendment,
effective June 18, 1993, substituted "article" for "title" in the introductory language and Subsection F, added present Subsection A, redesignated former Subsections A through E as present Subsections B through F, inserted "bank" following "state" in Subsection B, and made a stylistic change.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 27 to 29.
Consolidation or merger of bank as affecting statutory superadded liability of stockholders, 154 A.L.R. 427.
9 C.J.S. Banks and Banking §§ 158 et seq., 495, 570, 571.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-2 - Resulting national bank.

A. Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the law of the United States and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank, at a meeting called in conformity with the provisions of Section 5 [58-4-5 NMSA 1978], shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in Section 10 [58-4-10 NMSA 1978].
B. Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.
History:
1941 Comp., § 50-1902, enacted by Laws 1951, ch. 37, § 2; 1953 Comp., § 48-13-2.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking § 570.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-3 - Resulting state bank.

Upon approval by the director of the financial institutions division, banks may be merged to result in a state bank or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and shall be subject to limitations and requirements imposed by the law of the United States which shall also govern the rights of its dissenting stockholders.
History:
1941 Comp., § 50-1903, enacted by Laws 1951, ch. 37, § 3; 1953 Comp., § 48-13-3; Laws 1977, ch. 245, § 28.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking §§ 158 et seq., 570.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-5 - Merger; approval by stockholders of state banks.

A. To be effective, a merger which is to result in a state bank must be approved by the stockholders of each merging state bank by a vote of two-thirds of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting state bank, including the amendments in the merger agreement.
B. Notice of the meeting of stockholders of each state bank shall be given by publication in a newspaper of general circulation in the place where its principal office is located at least once a week for four successive weeks, and by mail at least fifteen days before the date of the meeting, to each stockholder of record of each merging bank at his address on the books of his bank; no notice by publication need be given if written waivers are received from the holders of two-thirds of the outstanding shares of each class of stock. The notice shall be accompanied by a copy of Section 10 [58-4-10 NMSA 1978] and shall state that the section sets forth the exclusive rights and remedies of dissenting stockholders.
History:
1941 Comp., § 50-1905, enacted by Laws 1951, ch. 37, § 5; 1953 Comp., § 48-13-5.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
Valuation of stock of dissenting stockholders in case of consolidation or merger of corporation, 48 A.L.R.3d 430.
9 C.J.S. Banks and Banking § 158 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-6 - Effective date of merger; filing of approved agreement; certificate of merger as evidence.

A. A merger or sale which is to result in a state bank shall, unless a late date is specified in the agreement, become effective upon the filing with the director of the financial institutions division of the executed agreement together with copies of the resolutions of the stockholders of each merging, purchasing and selling bank approving it and a list of the owners of the shares [who] voted against the merger or purchase, certified by the bank's president or vice president and a secretary or cashier. The charters of the merging banks, other than the resulting bank, shall thereupon automatically terminate.
B. The director of the financial institutions division shall promptly issue to the resulting bank a certificate of merger specifying the name of each merging bank and the name of the resulting state bank. Such certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging banks is held.
History:
1941 Comp., § 50-1906, enacted by Laws 1951, ch. 37, § 6; 1953 Comp., § 48-13-6; Laws 1977, ch. 245, § 30.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 27.
9 C.J.S. Banks and Banking § 468.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-7 - Conversion of national into state bank.

A. A national bank located in this state which follows the procedure prescribed by the laws of the United States to convert into a state bank, shall be granted a charter by the director of the financial institutions division unless he finds that the bank does not meet the standards as to location of offices, capital structure and business experience and character of officers and directors for the incorporation of a state bank.
B. The national bank may apply for each charter by filing with the director of the financial institutions division a certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the provisions of the laws of the United States governing the conversion of the national to a state bank, and the articles of incorporation, approved by the stockholders, for the government of the bank as a state bank.
History:
1941 Comp., § 48-13-7, enacted by Laws 1951, ch. 37, § 7; 1953 Comp., § 48-13-7; Laws 1977, ch. 245, § 31.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381.
Novation where bank transfers it assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking §§ 570, 571.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-8 - Continuation of corporate entity; use of old name.

A. A resulting state or national bank shall be the same business and corporate entity as each merging bank or as the converting bank with all the property, rights, powers and duties of each merging bank or the converting bank, except as affected by the law of this state in the case of a resulting state bank or the laws of the United States in the case of a resulting national bank, and by the charter and bylaws of the resulting bank.
B. A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it can do any act under such name more conveniently.
C. Any reference to a merging or converting bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of such writing, except when the resulting bank is not authorized to or has not qualified to exercise the powers conferred or required by the writing.
History:
1941 Comp., § 50-1908, enacted by Laws 1951, ch. 37, § 8; 1953 Comp., § 48-13-8.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
9 C.J.S. Banks and Banking § 158 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 4 - Merger and Consolidation of Banks › Section 58-4-9 - Sale of all assets of bank or department.

A. Any state bank or trust company may sell to any other bank or trust company:
(1) all or substantially all of the selling bank assets and business; or
(2) all or substantially all of the assets and business of any department of the selling bank.
B. Any state bank or trust company may, upon assuming the liabilities relating thereto, purchase:
(1) all or substantially all of the assets and business of another bank or trust company; or
(2) all or substantially all of the assets and business of any department of another bank or trust company.
C. The agreement of purchase and sale shall be authorized, approved by the director of the financial institutions division, approved by the vote of a majority of the stockholders of the purchasing and selling bank at a meeting called for the purpose in like manner as meetings to approve mergers are called and filed with the director of the financial institutions division accompanied by evidence of such stockholders' approval in like manner as agreements of merger are filed. After such approval is given by the stockholders a notice of such sale shall be published once a week for three successive weeks in a newspaper of large general circulation in the county in which the selling bank has its principal office, and proof of such publication shall be filed with the director of the financial institutions division.
D. Notwithstanding any term of the agreement, or of his contract of deposit, any depositor whose business is thus sold has the right to withdraw his deposit in full on demand after such sale unless by dealing with purchasing bank with knowledge of the purchase he ratifies the transfer.
E. The agreement of sale may provide for the transfer to the purchasing bank of all fiduciary positions held by the selling bank subject to the right of the court, on petition of any interested party, to appoint another or succeeding fiduciary to the positions so transferred. Until the court appoints another or succeeding fiduciary the purchasing bank shall, if qualified to do so, exercise any fiduciary function vested in the selling bank.
F. No right against or obligation of the selling bank in respect of the assets or business sold shall be released or impaired by the sale until one year from the last date of publication of the notice pursuant to Subsection C of this section, but after the expiration of such year, no action can be brought against the selling bank on account of any deposit, obligations, trust or asset transferred to or liability assumed by the purchasing bank.
History:
1941 Comp., § 48-13-9, enacted by Laws 1951, ch. 37, § 9; 1953 Comp., § 48-13-9; Laws 1977, ch. 245, § 32.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 28.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking § 158 et seq.