New Mexico Statutes
§ 13-4-20 — Additional bond in case of insolvency of sureties
New Mexico § 13-4-20
This text of New Mexico § 13-4-20 (Additional bond in case of insolvency of sureties) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.M. Stat. Ann. § 13-4-20 (2026).
Text
Whenever in its judgment any surety on such bond shall be insolvent, or for any cause is not a proper or sufficient surety, the obligee may require the contractor to furnish a new or additional bond or security within ten days; and thereupon, if the obligee shall so order, all work on said contract shall cease until such new or additional bond or security shall be furnished. If not furnished within said time, the obligee may at its option take over and complete said work as the agent and at the expense of the contractor and sureties, either doing the work on force account or letting the same by contract, and shall be entitled to use any equipment, materials and supplies of the delinquent contractor in completing said work.
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Legislative History
Laws 1923, ch. 136, § 3; C.S. 1929, § 17-203; 1941 Comp., § 6-513; 1953
Nearby Sections
15
§ 13-1-100.1
Construction contracts; construction management§ 13-1-101
Repealed§ 13-1-102
Competitive sealed bids required§ 13-1-103
Invitation for bids§ 13-1-104
Competitive sealed bids; public notice§ 13-1-107
Competitive sealed bids; bid opening§ 13-1-108
Competitive sealed bids; award§ 13-1-108.1
Recompiled§ 13-1-110
Competitive sealed bids; identical bidsCite This Page — Counsel Stack
Bluebook (online)
New Mexico § 13-4-20, Counsel Stack Legal Research, https://law.counselstack.com/statute/nm/13/13-4-20.