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2013 New Mexico Statutes
Chapter 53 - Corporations
Article 4 - Cooperative Associations
Section 53-4-28 - Share and membership certificates,[;] attachment. (1939)


NM Stat § 53-4-28 (2013) What's This?

53-4-28. Share and membership certificates,[;] attachment. (1939) 
The holdings of any member of an association, to the extent of the minimum amount necessary for membership, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subject to such liability, the directors of the association may either admit the purchaser thereof to membership, or may, if and when there are sufficient surplus funds, purchase from him such holdings at par value.   
  History: Laws 1939, ch. 164, § 28; 1941 Comp., § 54-1428; 1953 Comp., § 51-15-28. 

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