2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 30 - Title Insurance
Section 59A-30-5.1 - Available funds required to issue policy.

Universal Citation: NM Stat § 59A-30-5.1 (2017)

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.

History: 1978 Comp., 59A-30-5.1, enacted by Laws 1989, ch. 95, 2.

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