New Mexico § 58-1-17 Qualification and fiduciary powers

New Mexico Statutes

§ 58-1-17 — Qualification and fiduciary powers

New Mexico § 58-1-17

Ch. 58Financial Institutions and Regulations

Art. 1Banking Generally

This text of New Mexico § 58-1-17 (Qualification and fiduciary powers) 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. § 58-1-17 (2026).

Text

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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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.