New Mexico Statutes
§ 58-1-17 — Qualification and fiduciary powers
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 thousand dollars ($500,000) capital and surplus; B. the bank is in a sound financial condition and operated in a prudent and businesslike manner; and C. qualified personnel are available to handle trust matters.
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Legislative History
1953 Comp., § 48-22-17, enacted by Laws 1963, ch. 305, § 17; 1975, ch. 330,
Nearby Sections
15
§ 58-1-1
Short title§ 58-1-11
Access by fiduciaries§ 58-1-13
Lease to minor§ 58-1-14
Search procedure on death§ 58-1-17
Qualification and fiduciary powers§ 58-1-18
Fiduciary bond or oath excused§ 58-1-2
Definitions of banks§ 58-1-2.1
Prohibition§ 58-1-20
Reserves against deposits§ 58-1-21
Loans