2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 10 - Public Money
Section 6-10-49 - [Insolvency of banks; state funds; right to recover deposits not impaired.]
That the provisions of this act [6-10-48, 6-10-49 NMSA 1978], or action thereon by the state board of finance shall in no way prevent, interfere with or prejudice the right of the state of New Mexico to proceed with the collection of said amounts against the said depository or the sureties upon the bond of said depository nor shall the provisions of this act or actions thereunder by the said state board of finance, prevent, interfere with or prejudice the right of the said state board of finance to proceed with an action or actions to recover said amounts from said depository or the sureties upon the bond of said depository.
History: Laws 1929, ch. 67, § 2; C.S. 1929, § 13-1202; 1941 Comp., § 7-246; 1953 Comp., § 11-2-49.
ANNOTATIONSBracketed material. — The bracketed material in the catchline was inserted by the compiler and is not part of the law.
Prorating liability of depository bonds. — Prorating of liability was ordered for depository bonds and public securities given by a bank subsequently insolvent. Gregg v. Hinkle, 1924-NMSC-030, 29 N.M. 576, 224 P. 1025.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Banks §§ 1028 to 1143.
Right, in absence of statute, to preference in respect of deposits or public funds in insolvent bank, 103 A.L.R. 621.
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.
26A C.J.S. Depositaries § 13.
