Chapter 58, Articles 1, 2 through 6 and 8 NMSA 1978 may be cited as the “Banking Act”. History: 1953 Comp., § 48-22-1, enacted by Laws 1963, ch. 305, § 1; 1997, ch. 23, § 1. ANNOTATIONS Cross references. — For Trust Company Act, see 58-9-1 NMSA 1978. For disposition of unclaimed property, see Chapter […]
A. Subject to such regulations as the commissioner [director of the financial institutions division of the commerce and industry department] may prescribe, a state bank or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a […]
A. Where access to a safe deposit box is requested by one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto and removal of the contents of the safe deposit box upon obtaining proper […]
Where a lessor, without knowledge of the death or of an adjudication of incapacity of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee’s estate and the lessee. History: 1953 Comp., § 48-22-12, enacted by Laws 1963, ch. 305, § 12; 1975, […]
A lessor may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity. History: 1953 Comp., § 48-22-13, enacted by Laws 1963, ch. 305, § 13. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. […]
A. A lessor shall permit the person named in a court order for the purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents […]
A. An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless: (1) the lessor is directed to do so by a court order issued in an action in which the lessee is served with […]
A. If the rental due on a safe deposit box has not been paid for six months, the lessor may send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee […]
No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds: A. the bank has not less than five hundred […]
No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly otherwise provides. History: 1953 Comp., § 48-22-18, enacted by Laws 1963, ch. 305, § 18. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § […]
A state bank holding any asset as a fiduciary shall: A. segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be permitted by the Uniform Common Trust Fund Act [46-1-13 to 46-1-16 NMSA 1978] or by other provisions of law or by the […]
As used in the Banking Act [Chapter 58, Articles 1, 2 to 6 and 8 NMSA 1978]: A. “bank” means: (1) an “insured bank” as defined in Section 3(h) of the Federal Deposit Insurance Act; (2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the […]
No bank holding company may own an institution which is an “insured bank” as defined in Section 3 (h) of the Federal Deposit Insurance Act or is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act and accepts deposits that the depositor may withdraw by […]
A. A state bank shall maintain such reserves against deposits as may be required by the director or, if the state bank is a member of the federal reserve system, by the Federal Reserve Act or by the board of governors of the federal reserve system. B. The reserve fund shall consist of legal tender […]
A. A state bank may lend on the security of the personal obligation of the borrower. B. A state bank may lend on the security of personal property but shall not make any loan on the security of its own stock, of stock of another bank where the borrower owns, controls or holds with the […]
A. In addition to other investments expressly authorized by the Banking Act, a state bank may: (1) purchase or discount obligations that satisfy the requirements of the Banking Act for loans; (2) purchase or discount obligations of the United States or a state of the United States or bonds or debentures issued pursuant to the […]
A. A bank may accept: (1) a draft which has not more than one hundred eighty days sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods, with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to […]
A. A state bank shall not extend credit directly by means of discount notes, issuance of letters of credit, acceptance of drafts or otherwise, or purchase any bond, note, bill of exchange or any evidence of indebtedness, when by reason of such extension of credit or purchase, the totals of the obligations so acquired that […]
A state bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. Property acquired in satisfaction of a loan shall be held subject to the limitations in this section. A. Stock shall be sold within one hundred eighty days or […]
A. A state bank may acquire real estate and equipment and improve real estate to be used in the transaction of its business and may rent to others any space so acquired in a building in excess of actual need. Unless a larger investment is authorized by the commissioner [director of the financial institutions division […]
