2019 New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 6 - Surety Bonds
Section 46-6-1 - [Corporations which may execute surety bonds; no other surety required; approval of bonds.]

That whenever any recognizance, stipulation, bond or undertaking is required to be given by the laws of this state, conditioned for the faithful performance of any duty or from doing or refraining from doing anything in such recognizance, stipulation, bond or undertaking specified, which bond is now required or permitted to be given with one or with two or more sureties, the execution of the same, or the guaranteeing of the performance of the condition thereof shall be sufficient if executed or guaranteed solely by a corporation incorporated under the laws of the United States or of any state or territory having power to guarantee the fidelity of persons holding positions of public or private trust; and to execute guarantee bonds and undertakings in special proceedings, and in all judicial proceedings: provided, that such company is qualified under the act of congress entitled "An act relative to recognizances, bonds and undertakings, and to allow certain corporations to be accepted as surety thereon," approved August 13, 1894: and, provided further, that said corporation, if not incorporated under the laws of the state of New Mexico, shall comply with the laws of the state authorizing foreign corporations to do business therein: and, provided further, that all recognizances, stipulations, bonds or undertakings executed under the provisions of said sections shall be subject to the approval and acceptance as to the form and sufficiency of the execution thereof by the person or authority by law authorized to approve and accept the same.

History: Laws 1899, ch. 41, § 1; Code 1915, § 505; C.S. 1929, § 17-101; 1941 Comp., § 28-101; 1953 Comp., § 28-1-1.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Cross references. — For surety bonds with respect to public officers and employees generally, see Chapter 10, Article 2 NMSA 1978.

For provisions that practicing attorney cannot be a surety, see 36-2-13 NMSA 1978.

For the bond of an assignee for the benefit of creditors, see 56-9-8 and 56-9-18 NMSA 1978.

Compiler's notes. — The act of congress entitled "An act relative to recognizances, bonds and undertakings, and to allow certain corporations to be accepted as surety thereon" was repealed by Section 2 of Act of July 30, 1947, c. 390, 61 Stat. 651. For present similar provisions, see 31 U.S.C. §§ 9301 to 9309.

Deposit for benefit of holder of bonds. — The deposit required of surety companies is for the benefit of the holder of any bonds given by the officer concerned. 1913 Op. Att'y Gen. No. 13-999 (rendered under former law).

Amount of county treasurer's bond based upon receipts. — A county treasurer should furnish but one bond for his entire term, covering all funds, unless the receipts exceed the amount of the bond, when an additional bond would be required. 1914 Op. Att'y Gen. No. 14-117 (rendered under former law).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Officers and Employees § 130 et seq; 76 Am. Jur. 2d Trusts §§ 427 to 440.

Liability of surety company as distinguished from that of gratuitous surety, 12 A.L.R. 382, 94 A.L.R. 876.

Right of obligee in guaranty or surety bond to fill blank as to amount, 37 A.L.R. 1395, 48 A.L.R. 741.

Duress of third person as affecting validity of bond, 62 A.L.R. 1481.

Approval of bond, right of sureties to take advantage of noncompliance with statutory requirement as to, 77 A.L.R. 1479.

Recording officer's bond, liability on, for mistakes or defects in respect to records affecting title to, or interest in, property, 94 A.L.R. 1303.

Statutory conditions prescribed for public officer's bond as part of bond which does not in terms include them or which expressly excludes them, 109 A.L.R. 501.

Liability of sureties on bond of public officer as affected by fact that it was not signed by him, 110 A.L.R. 959.

Receivership, fidelity bond or policy as covering default of corporate officer or employee occurring during or after termination of, 153 A.L.R. 1148.

Extent of liability on fidelity bond renewed from year to year, 7 A.L.R.2d 946.

72 C.J.S. Principal and Surety §§ 292 to 296.