New Mexico § 58-13A-8 Liability of principals, controlling persons and others

New Mexico Statutes

§ 58-13A-8 — Liability of principals, controlling persons and others

New Mexico § 58-13A-8

Ch. 58Financial Institutions and Regulations

Art. 13AModel State Commodity Code

This text of New Mexico § 58-13A-8 (Liability of principals, controlling persons and others) 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. § 58-13A-8 (2026).

Text

A.The act, omission or failure of any official, agent or other person acting for any individual, association, partnership, corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of such individual, association, partnership, corporation or trust, as well as of such official, agent or other person.

B.Every person who directly or indirectly controls another person liable under any provision of the Model State Commodity Code, every partner, officer or director of such other person, every person occupying a similar status or performing similar functions, and every employee of such other person who materially aids in the violation is also liable jointly and severally with and to the same extent as such other person, unless the person who

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A. The act, omission or failure of any official, agent or other person acting for any individual, association, partnership, corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of such individual, association, partnership, corporation or trust, as well as of such official, agent or other person. B. Every person who directly or indirectly controls another person liable under any provision of the Model State Commodity Code, every partner, officer or director of such other person, every person occupying a similar status or performing similar functions, and every employee of such other person who materially aids in the violation is also liable jointly and severally with and to the same extent as such other person, unless the person who is also liable by virtue of this provision sustains the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.