New Mexico § 56-8-12 Loans by agent; liability of principal

New Mexico Statutes

§ 56-8-12 — Loans by agent; liability of principal

New Mexico § 56-8-12

Ch. 56Commercial Instruments and Transactions

Art. 8Money, Interest and Usury

This text of New Mexico § 56-8-12 (Loans by agent; liability of principal) 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. § 56-8-12 (2026).

Text

The acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest contracted for by the transaction of any agent, the principal shall be held thereby to the same effect as though he had acted in person, and when the same person acts as agent for the borrower and lender, he shall be deemed the agent of the lender for the purpose of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978].

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The acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest contracted for by the transaction of any agent, the principal shall be held thereby to the same effect as though he had acted in person, and when the same person acts as agent for the borrower and lender, he shall be deemed the agent of the lender for the purpose of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978].