reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-2 - Definitions.

As used in the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978]:
A. "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;
B. "certificate" means a certificate of no tax due or a receipt for payment of the tax due under the Estate Tax Act;
C. "decedent" means a deceased individual;
D. "federal credit" means the maximum amount of the credit for estate death taxes allowed by Section 2011 for the decedent's net estate;
E. "gross estate" means "gross estate" as defined and used in Section 2031 of the United States Internal Revenue Code of 1986, as amended or renumbered;
F. "net estate" means "taxable estate" as defined in Section 2051 of the United States Internal Revenue Code of 1986, as amended or renumbered;
G. "nonresident" means a decedent who was domiciled outside New Mexico at his death;
H. "person" means any individual, estate, trust, receiver, cooperative association, club, corporation, company, firm, partnership, joint venture, syndicate or other entity and, to the extent permitted by law, any federal, state or other governmental unit or subdivision or agency, department or instrumentality thereof;
I. "personal representative" means the executor or administrator of a decedent or, if no executor or administrator is appointed, qualified and acting, any person who has possession of any property;
J. "property" means property included in the gross estate;
K. "resident" means a decedent who was domiciled in New Mexico at his death;
L. "Section 2011" means Section 2011 of the United States Internal Revenue Code of 1986, as amended or renumbered; and
M. "transfer" means "transfer" as defined and used in Section 2001 of the United States Internal Revenue Code of 1986, as amended or renumbered.
History:
1953 Comp., § 72-33-2, enacted by Laws 1973, ch. 345, § 2; 1974, ch. 27, § 1; 1977, ch. 249, § 63; 1986, ch. 20, § 59; 1989, ch. 122, § 2.
ANNOTATIONS
Cross references.
— For Sections 2001, 2011, 2031 and 2051 of the Internal Revenue Code,
see
26 U.S.C. §§ 2001, 2011, 2031 and 2051, respectively.
The 1989 amendment,
effective June 16, 1989, substituted "'department'" for "'bureau' or 'department'"at the beginning of Subsection A, and substituted "1986" for "1954" in Subsections E, F, L and M.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Diverse adjudications, actual or potential, by courts of different states, as to domicile of decedent as regards taxation, probate of will, administration or distribution of estate, 121 A.L.R. 1200.
What passes under term "personal property" in will, 31 A.L.R.5th 499.
85 C.J.S. Taxation §§ 1797 to 1801, 1824 to 1825.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-3 - Residents; tax imposed; credit for tax paid other state.

A. A tax in an amount equal to the federal credit is imposed on the transfer of the net estate of every resident.
B. If any property of a resident is subject to a death tax imposed by another state for which a credit is allowed by Section 2011, and if the tax imposed by the other state is not qualified by a reciprocal provision allowing the property to be taxed in the state of decedent's domicile, the amount of the tax due under this section shall be credited with the lesser of:
(1) the amount of the death tax paid the other state and credited against the federal estate tax; or
(2) an amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property subject to the death tax imposed by the other state and the denominator of which is the value of the decedent's gross estate.
History:
1953 Comp., § 72-33-3, enacted by Laws 1973, ch. 345, § 3.
ANNOTATIONS
Cross references.
— For the meaning of "Section 2011",
see
7-7-2L NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 106 and 122.
Review of decisions of United States supreme court since Union Refrigerator Transit Co. v. Kentucky, 199 U.S. 194, 26 S. Ct. 36, 50 L. Ed. 150 (1905), on situs of personal property for purposes of taxation, 123 A.L.R. 179, 139 A.L.R. 1463, 153 A.L.R. 270.
Deductibility from testator's gross estate, under 26 USCS § 2055, of bequests for public, charitable, and religious uses, 46 A.L.R. Fed. 246.
85 C.J.S. Taxation §§ 1792 et seq., 1819 to 1824, 1929 to 1931.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-4 - Nonresidents; tax imposed; exemption.

A. Tax in an amount computed as provided in this section is imposed on the transfer of the net estate located in New Mexico of every nonresident.
B. The tax shall be computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property located in New Mexico and the denominator of which is the value of the decedent's gross estate.
C. For purposes of this section, the following is included as property located in New Mexico:
(1) debts arising from transactions in, or having a business situs in, New Mexico; and
(2) the securities of any corporation or other entity organized under the laws of New Mexico.
D. The transfer of the personal property of a nonresident is exempt from the tax imposed by this section to the extent that the personal property of residents is exempt from taxation under the laws of the state in which the nonresident is domiciled.
History:
1953 Comp., § 72-33-4, enacted by Laws 1973, ch. 345, § 4; 1999, ch. 47, § 8.
ANNOTATIONS
The 1999 amendment,
effective June 18, 1999, inserted "personal" in two places in Subsection D.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 3 to 4, 59 et seq., and 223.
Deductibility from testator's gross estate, under 26 USCS § 2055, of bequests for public, charitable, and religious uses, 46 A.L.R. Fed. 246.
85 C.J.S. Taxation §§ 1794 to 1795, 1800 to 1802, 1819, 1825.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-5 - Tax return.

The personal representative of every estate subject to the tax imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] who is required by the laws of the United States to file a federal estate tax return shall file with the department on or before the date the federal estate tax return is required to be filed, including any extension of time for filing the federal estate tax return:
A. a return for the taxes due under the Estate Tax Act; and
B. a copy of the federal estate tax return.
History:
1953 Comp., § 72-33-5, enacted by Laws 1973, ch. 345, § 5; 1989, ch. 122, § 3.
ANNOTATIONS
The 1989 amendment,
effective June 16, 1989, substituted "department" for "bureau" in the undesignated introductory paragraph.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 318 to 322, 327, 335, 342.
85 C.J.S. Taxation §§ 1883 to 1888, 1896 to 1897, 1976, 1982.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-6 - Date payment due.

The taxes imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] shall be paid by the personal representative on or before the date the return for the taxes is required by Section 7-7-5 NMSA 1978 to be filed.
History:
1953 Comp., § 72-33-6, enacted by Laws 1973, ch. 345, § 6; 1989, ch. 122, § 4.
ANNOTATIONS
The 1989 amendment,
effective June 16, 1989, substituted "Section 7-7-5 NMSA 1978" for "Section 5 of the Estate Tax Act".
Personal representative is liable for state inheritance tax.
Cosby v. Shackelford
, 408 F.2d 1144 (10th Cir. 1969) (decided under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 248 to 252, 257, 265, 272.
85 C.J.S. Taxation §§ 1883 to 1888, 1896 to 1897, 1976, 1982.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-7 - Interest on amount due; extension of time to file federal return.

Interest, as provided in the Tax Administration Act [Chapter 7 Article 1 NMSA 1978], shall be paid to the state on the amount of tax due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978], from the first day following the day on which payment of the tax would be due in the absence of an extension of time, until the day paid, whether or not the personal representative is granted an extension of time within which to file the federal estate tax return.
History:
1953 Comp., § 72-33-7, enacted by Laws 1973, ch. 345, § 7.
ANNOTATIONS
Effective dates.
— Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 7 effective July 1, 1973.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 248 to 252, 257, 265, 272.
85 C.J.S. Taxation §§ 1883 to 1888, 1896 to 1897, 1976, 1982.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-8 - Department to file certificate; final settlement of account.

A. Except as otherwise provided in Subsection B of this section, the department shall file a certificate with the clerk of the county in which the estate or any part of it is located when:
(1) no taxes imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] are due; or
(2) the taxes due under the Estate Tax Act have been paid.
B. If the estate is not required to file a federal estate tax return, the filing of a certificate by the department is not required.
C. No court shall allow the final settlement of the account of any personal representative until either a certificate is filed as provided in this section if the estate is required to file a federal estate tax return or the personal representative demonstrates that the estate was not required to file a federal estate tax return.
History:
1953 Comp., § 72-33-8, enacted by Laws 1973, ch. 345, § 8; 1989, ch. 122, § 5.
ANNOTATIONS
The 1989 amendment,
effective June 16, 1989, substituted "department" for "bureau" in the catchline and in the introductory paragraph of Subsection A; added "Except as otherwise provided in Subsection B of this section," at the beginning of the introductory paragraph of Subsection A; added present Subsection B; and redesignated former Subsection B as present Subsection C, while inserting therein "either" and adding all of the language following "section".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-9 - Administration not applied for; application or waiver by the department.

A. If no person interested in the estate of a decedent applies for letters testamentary or of administration within thirty days after the death of the decedent, the department may apply to the probate court having jurisdiction for the appointment of an administrator and after a hearing, the probate court shall appoint an administrator of the estate of the decedent.
B. If the administration of the estate of a decedent is not necessary, the department may waive administration. The department shall not waive administration until the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] are paid.
History:
1953 Comp., § 72-33-9, enacted by Laws 1973, ch. 345, § 9; 1989, ch. 122, § 6.
ANNOTATIONS
Cross references.
— For court having jurisdiction,
see
45-1-303 and 45-3-201 NMSA 1978.
The 1989 amendment,
effective June 16, 1989, substituted "the department" for "bureau" in the catchline, and substituted "department" for "bureau" throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Dispensing with, or revoking grant of, administration of decedent's estate on ground that administration is not necessary, 70 A.L.R. 386.
85 C.J.S. Taxation § 1896 to 1897.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-10 - Administration.

The Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] shall be administered and enforced as provided in the Tax Administration Act [Chapter 7, Article 1 NMSA 1978].
History:
1953 Comp., § 72-33-10, enacted by Laws 1973, ch. 345, § 10.
ANNOTATIONS
Effective dates.
— Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 10 effective July 1, 1973.
Cross references.
— For provisions applicable to administration and enforcement,
see
7-1-2 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-11 - Sale of property to pay tax.

A personal representative may sell so much of any property as is necessary to pay the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978]. A personal representative may sell so much of any property specifically bequeathed or devised as is necessary to pay the proportionate amount of the taxes due on the transfer of the property and the fees and expenses of the sale, unless the legatee or devisee pays the personal representative the proportionate amount of the taxes due.
History:
1953 Comp., § 72-33-11, enacted by Laws 1973, ch. 345, § 11.
ANNOTATIONS
Effective dates.
— Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 11 effective July 1, 1973.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-12 - Liability for failure to pay tax before distribution or delivery.

A. Any personal representative who distributes any property without first paying, securing another's payment of, or furnishing security for payment of the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] is personally liable for the taxes due to the extent of the value of any property that may come or may have come into his possession. Security for payment of the taxes due under the Estate Tax Act shall be in an amount equal to or greater than the value of all property that is or has come into the possession of such personal representative, as of the time such security is furnished.
B. Any person who has the control, custody or possession of any property and who delivers any of the property to the personal representative or legal representative of the decedent outside New Mexico without first paying, securing another's payment of, or furnishing security for payment of the taxes due under the Estate Tax Act is liable for the taxes due under the Estate Tax Act to the extent of the value of the property delivered. Security for payment of the taxes due under the Estate Tax Act shall be in an amount equal to or greater than the value of all property delivered to the personal representative or legal representative of the decedent outside New Mexico by such a person.
C. For the purposes of this section, persons who do not have possession of a decedent's property (absent special circumstances) include mortgagees or pledgees, stockbrokers or stock transfer agents, bank and other depositories of checking and savings accounts, safe-deposit companies and life insurance companies.
History:
1953 Comp., § 72-33-12, enacted by Laws 1973, ch. 345, § 12; 1975, ch. 257, § 8-126.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 251 et seq.
Rights and liabilities as between sureties on successive bonds given by executor, administrator, trustee or guardian, 76 A.L.R. 904.
Transmission of fund from ancillary to domiciliary jurisdiction, or liability of sureties on bond given in the latter jurisdiction, as affecting liability of sureties on bond given in the former jurisdiction, 78 A.L.R. 575.
Power or discretion of court, after bond of executor, administrator, or testamentary trustee has been given, to dispense with, discontinue, or modify bond, 121 A.L.R. 951.
Liability of executor or administrator to estate because of overpaying or unnecessarily paying tax, 55 A.L.R.3d 785.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-15 - Short title.

Sections 7-7-15 through 7-7-20 NMSA 1978 may be cited as the "Art Acceptance Act".
History:
1978 Comp., § 7-7-15, enacted by Laws 1983, ch. 209, § 1; 1993, ch. 30, § 13.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "Sections 7-7-15 through 7-7-20 NMSA 1978" for "This act".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-16 - Definitions.

As used in the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978]:
A. "board" means the board of regents of the museum of New Mexico;
B. "decedent" means the deceased individual;
C. "division" or "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;
D. "museum" means the museum of New Mexico;
E. "personal representative" means the executor or administrator of a decedent or, if no executor or administrator is appointed, qualified and acting, any person who has possession of any property of the decedent; and
F. "work of art" includes any painting, drawing, print, photograph, sculpture, carving, textile, basketry, artifact, natural specimen, rare book, authors' papers, objects of historical or technical interest or other article of intrinsic cultural value.
History:
1978 Comp., § 7-7-16, enacted by Laws 1983, ch. 209, § 2; 1986, ch. 20, § 60; 1987, ch. 164, § 1.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-17 - Payment of estate tax in works of art.

A decedent's estate may pay all or part of any tax owed by the decedent's estate to the state by payment in the form of one or more works of art in the manner provided by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978], provided:
A. the decedent has so directed by a will; or
B. in the absence of a direction in the decedent's will, the personal representative finds that this method of payment is advantageous to the estate.
History:
1978 Comp., § 7-7-17, enacted by Laws 1983, ch. 209, § 3.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 3 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-18 - Procedure for payment in works of art.

A. The personal representative desiring to pay all or part of an estate tax owed the state in the form of one or more works of art shall first obtain an appraisal of the work acceptable to the federal internal revenue service and shall then notify the museum director in writing of the desire to offer the work to the museum. The board shall, within a reasonable period of time and upon the recommendation of the museum director, notify the personal representative and the division in writing as to whether in the judgment of the board it would be advantageous to the state to accept the one or more works of art as payment or partial payment for the estate tax. The board's decision shall be final and not appealable.
B. Acceptance of a work of art shall be deemed advantageous to the state if its acceptance meets the following criteria:
(1) it encourages growth of the museum's collections by the addition of significant and original works of art;
(2) it furthers the preservation and understanding of the arts traditions which exist in New Mexico;
(3) it furthers the appreciation of arts and cultures by the people of New Mexico; or
(4) it is compatible with the standards and collections policies of the museum.
History:
1978 Comp., § 7-7-18, enacted by Laws 1983, ch. 209, § 4.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 4 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-19 - Agreement on valuation.

A. If the board finds that it would be advantageous for the state to accept payment in one or more works of art as payment or partial payment for the estate tax, the personal representative shall, as a condition of state acceptance of this method of payment, forward a copy of the proposed valuation to the division. The division shall have forty-five days from the date of the notification of the proposed valuation to object to that valuation.
B. If the division objects to the proposed valuation, it shall set forth the objection in writing and forward it to the personal representative. The personal representative may take into account the division's objections and submit a new valuation for the division's approval. If the division rejects the new valuation within forty-five days of its submission, the state shall be deemed not to accept the proposed method of payment in works of art.
C. If the division does not object to a submitted valuation of a work of art within forty-five days of its submission, the state shall be deemed to have accepted the work of art for the museum collection as complete or partial payment of the estate tax owed and the board shall assume title to that work of art as soon as practicable.
History:
1978 Comp., § 7-7-19, enacted by Laws 1983, ch. 209, § 5.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 5 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 7 - Estate Tax › Section 7-7-20 - Credit against tax.

A. Upon assumption of title to a work of art by the board, the department shall credit against the amount owed by the estate the valuation of that work of art as agreed upon under Section 7-7-19 NMSA 1978. In no case shall any credit allowed by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate tax owed by the decedent's estate.
B. The board shall not during any fiscal year assume title to works of art which have an aggregate value of more than five million dollars ($5,000,000).
History:
1978 Comp., § 7-7-20, enacted by Laws 1983, ch. 209, § 6; 1987, ch. 164, § 2.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8 - Uniform Unclaimed Property Act (Repealed, Recompiled.) › Section 7-8-1 to 7-8-40 - Repealed and Recompiled.

ANNOTATIONS
Repeals.
— Laws 1997, ch. 25, § 33 repealed 7-8-1 to 7-8-20 and 7-8-21 to 7-8-40 NMSA 1978, as enacted or amended by Laws 1989, ch. 293, §§ 1 to 41, Laws 1991, ch. 151, § 1, and Laws 1995, ch. 51, §§ 1 & 2, relating to unclaimed property, effective July 1, 1997. For provisions of former sections,
see
the 1996 NMSA 1978 on
NMOneSource.com.
For present comparable provisions,
see
Chapter 7, Article 8A NMSA 1978.
Recompilations.
— Former 7-8-20.1 NMSA 1978, as enacted by Laws 1990, ch. 98, § 1, was recompiled and amended as 7-8A-10.1 NMSA 1978 by Laws 1997, ch. 25, § 32.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-3 - Contents of safe deposit box or other safekeeping depository.

Tangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, are presumed abandoned if the property remains unclaimed by the owner for more than five years after expiration of the lease or rental period on the box or other depository.
History:
Laws 1997, ch. 25, § 3.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 3 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-4 - Rules for taking custody.

Except as otherwise provided in the Uniform Unclaimed Property Act (1995) or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if:
(1) the last known address of the apparent owner, as shown on the records of the holder, is in this state;
(2) the records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
(3) the records of the holder do not reflect the last known address of the apparent owner and it is established that:
(i) the last known address of the person entitled to the property is in this state; or
(ii) the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;
(4) the last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state;
(5) the last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state;
(6) the transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property, and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property; or
(7) the property is a traveler's check or money order purchased in this state, or the issuer of the traveler's check or money order has its principal place of business in this state and the issuer's records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property, or does not show the state in which the instrument was purchased.
History:
Laws 1997, ch. 25, § 4.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 4 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-5 - Dormancy charge.

A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable.
History:
Laws 1997, ch. 25, § 5.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 5 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-6 - Burden of proof as to property evidenced by record of check or draft.

A record of the issuance of a check, draft or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator's burden of proof as to the existence and amount of the property and its abandonment is satisfied by showing issuance of the instrument and passage of the requisite period of abandonment. Defenses of payment, satisfaction, discharge and want of consideration are affirmative defenses that must be established by the holder.
History:
Laws 1997, ch. 25, § 6.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 6 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-8 - Payment or delivery of abandoned property.

(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995), the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed, but if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository may not be delivered to the administrator until one hundred twenty days after filing the report required by Section 7 of the Uniform Unclaimed Property Act (1995).
(b) If the property reported to the administrator is a security or security entitlement under Article 8 [55-8-101 NMSA 1978] of the Uniform Commercial Code, the administrator is an appropriate person to make an indorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with Article 8 of the Uniform Commercial Code.
(c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator has the right to obtain a replacement certificate pursuant to Section 55-8-405 NMSA 1978, but an indemnity bond is not required.
(d) An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with Section 10 [7-8A-10 NMSA 1978] of the Uniform Unclaimed Property Act (1995).
History:
Laws 1997, ch. 25, § 8.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 8 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-9 - Notice and publication of lists of abandoned property.

The administrator shall publish a notice not later than November 30 of each year in which abandoned property has been paid or delivered to the administrator. The notice shall be published in a newspaper of general circulation in each county of this state. The advertisement must be in a form that, in the judgment of the administrator, is likely to attract the attention of the general public. The advertisement shall contain:
A. the website on which to search for information about abandoned properties;
B. the email address of the administrator;
C. the telephone number and physical mailing address of the administrator;
D. a statement explaining that property of the owner is presumed to be abandoned and has been taken into the protective custody of the administrator; and
E. a statement providing information about the property and the return to the property's owner is available to a person having a legal or beneficial interest in the property, upon request to the administrator.
History:
Laws 1997, ch. 25, § 9; 2021, ch. 65, § 10.
ANNOTATIONS
The 2021 amendment,
effective July 1, 2021, updated the form of notice by which the taxation and revenue department advertises unclaimed property, required that published notice contain a website on which to search for information about abandoned properties, and removed a provision related to certain financial instruments and property having a value of less than fifty dollars; deleted subsection designation "(a)" and redesignated former Paragraphs (1) and (2) as Subsections A and B, respectively; after "newspaper of general circulation in", deleted 'the" and added "each", after "of this state", deleted "in which is located the last known address of any person named in the notice. If a holder does not report an address for the apparent owner or the address is outside this state, the notice must be published in the county in which the holder has its principal place of business within this state or another county that the administrator reasonably selects", and after "attention of the", deleted "apparent owner of the unclaimed property" and added "general public"; in Subsection A after "the", deleted "name of each person appearing to be the owner of the property, as set forth in the report filed by the holder" and added "website on which to search for information about abandoned properties"; in Subsection B, after "the", deleted "last known address or location of each person appearing to be the owner of the property, if an address or location is set forth in the report filed by the holder" and added "email address of the administrator"; added new Subsection C and redesignated former Paragraphs (3) and (4) as Subsections D and E, respectively; and deleted former Subsection C, Paragraph (b).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-11 - Crediting of dividends, interest and increments to owner's account.

If property other than money is delivered to the administrator under the Uniform Unclaimed Property Act (1995), the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money. If the property was an interest-bearing demand, savings, or time deposit, including a deposit that is automatically renewable, the administrator shall pay interest at a rate of five percent a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner. Interest on interest-bearing property is not payable for any period before the effective date of the Uniform Unclaimed Property Act (1995), unless authorized by law superseded by that act.
History:
Laws 1997, ch. 25, § 11.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 11 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-12 - Public sale of abandoned property.

A. Except as otherwise provided in this section, the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in this state or by any reasonable method, which in the judgment of the administrator affords the most favorable market for the property. The administrator may decline the highest bid and re-offer the property for sale if the administrator considers the bid to be insufficient. The administrator need not offer the property for sale if the administrator considers that the probable cost of sale will exceed the proceeds of the sale. A sale held under this section must be preceded by a single publication of notice, at least three weeks before sale, in a newspaper of general circulation in the county in which the property is to be sold.
B. Securities listed on an established stock exchange must be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the administrator. If securities are sold by the administrator before the expiration of three years after their delivery to the administrator, a person making a claim under the Uniform Unclaimed Property Act (1995) before the end of the three-year period is entitled to the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater, plus dividends, interest and other increments thereon up to the time the claim is made, less any deduction for expenses of sale. A person making a claim under the Uniform Unclaimed Property Act (1995) after the expiration of the three-year period is entitled to receive the securities delivered to the administrator by the holder, if they still remain in the custody of the administrator, or the net proceeds received from sale and is not entitled to receive any appreciation in the value of the property occurring after delivery to the administrator except in a case of intentional misconduct or malfeasance by the administrator.
C. A purchaser of property at a sale conducted by the administrator pursuant to the Uniform Unclaimed Property Act (1995) takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.
History:
Laws 1997, ch. 25, § 12; 2006, ch. 37, § 2.
ANNOTATIONS
The 2006 amendment,
effective July 1, 2006, provided in Subsection A that the administrator may sell abandoned property by any reasonable method.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-13 - Deposit of funds.

A. Except as otherwise provided by this section, the administrator shall promptly deposit in the tax administration suspense fund for distribution pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] all money received under the Uniform Unclaimed Property Act (1995), including the proceeds from the sale of abandoned property under Section 7-8A-12 NMSA 1978. The administrator shall retain in the unclaimed property fund at least one hundred thousand dollars ($100,000) for the purposes of the Uniform Unclaimed Property Act (1995), from which the administrator shall pay claims duly allowed. The administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company and the amount due.
B. Before making a deposit to the tax administration suspense fund, the administrator may deduct:
(1) expenses of sale of abandoned property;
(2) costs of mailing and publication in connection with abandoned property;
(3) reasonable service charges; and
(4) expenses incurred in examining records of holders of property and in collecting the property from those holders.
History:
Laws 1997, ch. 25, § 13; 2007 (1st S.S.), ch. 2, § 10.
ANNOTATIONS
The 2007 amendment,
effective June 28, 2007, changed the distribution of money from the general fund to purposes provided in the Uniform Unclaimed Property Act (1995).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-14 - Claim of another state to recover property.

(a) After property has been paid or delivered to the administrator under the Uniform Unclaimed Property Act (1995), another state may recover the property if:
(1) the property was paid or delivered to the custody of this state because the records of the holder did not reflect a last known location of the apparent owner within the borders of the other state and the other state establishes that the apparent owner or other person entitled to the property was last known to be located within the borders of that state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state;
(2) the property was paid or delivered to the custody of this state because the laws of the other state did not provide for the escheat or custodial taking of the property, and under the laws of that state subsequently enacted the property has escheated or become subject to a claim of abandonment by that state;
(3) the records of the holder were erroneous in that they did not accurately identify the owner of the property and the last known location of the owner within the borders of another state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state;
(4) the property was subjected to custody by this state under Section 4(6) [7-8A-4(6) NMSA 1978] of the Uniform Unclaimed Property Act (1995), and under the laws of the state of domicile of the holder the property has escheated or become subject to a claim of abandonment by that state; or
(5) the property is a sum payable on a traveler's check, money order or similar instrument that was purchased in the other state and delivered into the custody of this state under Section 4(7) [7-8A-4(7) NMSA 1978] of the Uniform Unclaimed Property Act (1995), and under the laws of the other state the property has escheated or become subject to a claim of abandonment by that state.
(b) A claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within ninety days after it is presented. The administrator shall allow the claim upon determining that the other state is entitled to the abandoned property under Subsection (a) of this section.
(c) The administrator shall require another state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim to the property.
History:
Laws 1997, ch. 25, § 14.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 14 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-16 - Appeal; action to establish claim.

A. A person aggrieved by a decision of the administrator may file an appeal pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
B. A person whose claim has not been acted upon within ninety days after its filing may maintain an original action to establish the claim in the district court for the first judicial district, naming the administrator as a defendant.
C. If the aggrieved person establishes the claim in an action against the administrator, the court may award the claimant reasonable attorney fees.
History:
Laws 1997, ch. 25, § 16; 1998, ch. 55, § 18; 1999, ch. 265, § 18.
ANNOTATIONS
Cross references.
— For appeal of final decisions by agencies to district court,
see
Section 39-3-1.1 NMSA 1978.
For procedures governing administrative appeals to the district court,
see
Rule 1-074 NMRA.
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection A.
The 1998 amendment,
effective September 1, 1998, inserted "Appeal;" in the section heading; added the Subsection designations; in Subsection A, inserted "may file an appeal pursuant to the provisions of Section 12-8A-1 NMSA 1978"; inserted "A person" in Subsection B; substituted "attorney" for "attorney's" in Subsection C; and made minor capitalization and stylistic changes.
Administrative remedies must be exhausted prior to seeking court relief.
— Where petitioner was appointed the personal representative of his deceased grandfather's estate, and where the probate court, at petitioner's request, issued an order directing the New Mexico taxation and revenue department (department) to release $70,000 of unclaimed property that belonged to decedent, and where the probate court transferred the case to the district court when the department refused to release the property, petitioner erroneously sought relief from the district court before exhausting his administrative remedies under the Uniform Unclaimed Property Act (act), 7-8A-1 to 7-8A-31 NMSA 1978, because under the act, it is clear that the legislature intended the department to decide unclaimed property matters prior to parties seeking relief in the courts.
In re Estate of McElveny
, 2017-NMSC-024,
rev'g
2015-NMCA-080, 355 P.3d 75.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-17 - Election to take payment or delivery.

(a) The administrator may decline to receive property reported under the Uniform Unclaimed Property Act (1995) which the administrator considers to have a value less than the expenses of notice and sale.
(b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver property before the property is presumed abandoned. Property so delivered must be held by the administrator and is not presumed abandoned until it otherwise would be presumed abandoned under the Uniform Unclaimed Property Act (1995).
History:
Laws 1997, ch. 25, § 17.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 17 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-18 - Destruction or disposition of property having no substantial commercial value; immunity from liability.

If the administrator determines after investigation that property delivered under the Uniform Unclaimed Property Act (1995) has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or any officer or against the holder for or on account of an act of the administrator under this section, except for intentional misconduct or malfeasance.
History:
Laws 1997, ch. 25, § 18.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 18 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-19 - Periods of limitation.

(a) The expiration, before or after the effective date of the Uniform Unclaimed Property Act (1995), of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by the Uniform Unclaimed Property Act (1995).
(b) An action or proceeding may not be maintained by the administrator to enforce the Uniform Unclaimed Property Act (1995) in regard to the reporting, delivery, or payment of property more than ten years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.
History:
Laws 1997, ch. 25, § 19.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 19 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-21 - Retention of records.

(a) Except as otherwise provided in Subsection (b) of this section, a holder required to file a report under Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995) shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless a shorter period is provided by rule of the administrator.
(b) A business association or financial organization that sells, issues, or provides to others for sale or issue in this state, traveler's checks, money orders, or similar instruments other than third-party bank checks, on which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for three years after the holder files the report.
History:
Laws 1997, ch. 25, § 21.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 21 effective July 1, 1997.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 8A - Uniform Unclaimed Property Act › Section 7-8A-22 - Enforcement.

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