New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 16 - BANKING
Part 39 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED
Section 12.16.39.8 - BANK STOCK TAKEN AS SECURITY FOR DEBT PREVIOUSLY CONTRACTED
Universal Citation: 12 NM Admin Code 12.16.39.8
Current through Register Vol. 35, No. 18, September 24, 2024
Notwithstanding the provisions of Section 58-1-21 B NMSA 1978, the bank may obtain an assignment of bank stock or the proceeds of the stockholder's beneficial interest upon a debt previously contracted in good faith when necessary to prevent loss.
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