2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 2 - Insurance of Bank Deposits
Section 58-2-3 - [Liquidation of banks by federal deposit insurance corporation.]

The federal deposit insurance corporation created by Section eight of the federal "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) is hereby authorized and empowered to be and act without bond as receiver or liquidator of any banking institution, the deposits in which are to any extent insured by said corporation, and which shall have been closed on account of inability to meet the demands of its depositors.

The appropriate state authority, having the right to appoint a receiver or liquidator of a banking institution, may in the event of such closing tender to said corporation the appointment as receiver or liquidator of such banking institution, and if the corporation shall have and possess all the powers and privileges provided by the laws of this state with respect to a receiver or liquidator respectively of a banking institution, its depositors and other creditors, and be subject to all the duties of such receiver or liquidator, except insofar as such powers, privileges or duties are in conflict with the provisions of Subsection (1) of Section 12B of the Federal Reserve Act, as amended (Section 8 of said "Banking Act of 1933").

History: Laws 1935, ch. 16, § 3; 1941 Comp., § 50-1103; 1953 Comp., § 48-11-3.

Compiler's notes. — Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.

Cross references. — For possession of and title to assets of closed banks, see 58-2-7 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 272.

Construction and application of provisions of Federal Reserve Act regarding continuance of bank deposit insurance after termination of insured status of bank, 143 A.L.R. 1053.

9 C.J.S. Banks and Banking § 651.