2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 10 - Public Money
Section 6-10-39 - [Official bonds; payment of premiums; form.]

If any state, county, city or town officer or treasurer of any board in control required to give bond by the laws of this state, shall furnish such bond with an authorized surety company as surety thereon, the premium on such bond shall be paid by the state, in the case of state officers, and by the county, city or town in the case of county, city or town officers, and by the board in control in the case of their treasurers. Such bonds shall be in substantially the following form:

BOND

AMOUNT $ ......

Know all men by these presents, that we ......, of ..., as principal, and ......, as surety, are held and firmly bound unto the state of New Mexico, in the penal sum of ... dollars, lawful money of the United States, for the payment of which well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

The condition of this obligation is such, that whereas the said ...... was on the ... day of ...... duly elected (or appointed) to the office of treasurer of ......:

NOW, THEREFORE, if the above bounden ...... shall, from the ...... day of ... well and faithfully perform all his duties as such treasurer during his term of office, and until his successor is elected or appointed, and qualified, and shall exercise all possible diligence and care in the collection of all money which it is his duty by law to collect and shall render true accounts of his office and his doings therein as required by law and pay over all moneys that may come into his hands by virtue of his said office, to the officers and persons authorized by law to receive the same and carefully keep and preserve all books and papers and other property appertaining to his office and deliver same to his successor in office when duly qualified, then this obligation to be void, otherwise to remain in full force and effect, provided however that the surety shall have the right to terminate its suretyship under this obligation by serving notice of its election so to do upon the ... thirty days prior to the date of such termination of suretyship, and thereafter the said surety shall be discharged from any liability hereunder for any default of the principal occurring after such termination of liability.

IN WITNESS WHEREOF, the said principal hath hereunto set his hand and seal and the said surety has caused this bond to be sealed with its corporate seal, attested by the signature of its attorney in fact, this ... day of ......, 19 ....

Approved

.....................

Acknowledgments of principal and surety.

In event of the giving of bonds with personal sureties the bond shall be substantially in the foregoing form.

History: Laws 1923, ch. 76, § 17; C.S. 1929, § 112-117; 1941 Comp., § 7-234; 1953 Comp., § 11-2-37.

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

"Official bond" is one made payable to state for its indemnification in case of wrongdoing on the part of the bonded person, and not one made payable to a private individual. Keeter v. Board of Cnty. Comm'rs, 1960-NMSC-070, 67 N.M. 201, 354 P.2d 135. 1963 Op. Att'y Gen. No. 63-60.

Blanket position surety bond cannot be written to meet statutory bond requirements of several county officials of a particular county in lieu of individual surety bonds by each of said county officials. 1961 Op. Att'y Gen. No. 61-33.

County treasurer liable on official bond for embezzlement. — If the county treasurer embezzles securities legally deposited with him for protection of public moneys, he is liable on his official bond which requires him faithfully to perform the duties of his office, including keeping of such securities. 1933 Op. Att'y Gen. No. 33-596.

Liability for hiding investment losses. — The law does not proscribe specifically the practice of "adjusted trading." However, engaging in adjusted trades for the purpose of hiding a loss is inconsistent with rendering a true account of the county's investments, and a county treasurer thus may be liable on his bond. 1988 Op. Att'y Gen. No. 88-11.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Liability on bond of public officer for loss of public funds due to insolvency of bank in which they were deposited, 155 A.L.R. 436.

Public officer's bond as subject to forfeiture for malfeasance in office, 4 A.L.R.2d 1348.

20 C.J.S. Counties § 100; 62 C.J.S. Municipal Corporations § 491; 81A C.J.S. States § 91; 87 C.J.S. Towns § 82.