2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 30: Title Insurance, 59A-30-1 through 59A-30-15
Section 59A-30-5.1: Available funds required to issue policy.
59A-30-5.1. Available funds required to issue policy.
Unless the consideration necessary to create the estate to be insured has been previously delivered, no title insurance agent or title insurer shall issue a title insurance policy until the title insurance agent, title insurer or a third party fiduciary holds available funds, as defined under Subsection E of Section 59A-30-3 NMSA 1978, in an amount sufficient to create the estate being insured and to pay in accordance with the instructions of the parties to the transaction, all sums required to be paid through and at the time of the closing.
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