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legal-2026.07.26-907

Provision text match · United States — New Mexico · en

NMSA 55-4A-208. Misdescription of intermediary bank or beneficiary's

unknown Act or statute Section 55-4A-208 — NMSA 55-4A-208. Misdescription of intermediary bank or beneficiary's

NMSA 55-4A-208. Misdescription of intermediary bank or beneficiary's

55-4A-208. Misdescription of intermediary bank or beneficiary's bank. (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the n

Topics: banking, intermediary bank identification, payment orders

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Provision text match · United States — New Mexico · en

NMSA 55-4A-211. Cancellation and amendment of payment order

unknown Order Section 55-4A-211 — NMSA 55-4A-211. Cancellation and amendment of payment order

NMSA 55-4A-211. Cancellation and amendment of payment order

55-4A-211. Cancellation and amendment of payment order. (a) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally or in a record. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the

Topics: banking, payment order amendment, payment order cancellation

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Provision text match · United States — New Mexico · en

NMSA 55-4A-207. Misdescription of beneficiary

unknown Act or statute Section 55-4A-207 — NMSA 55-4A-207. Misdescription of beneficiary

NMSA 55-4A-207. Misdescription of beneficiary

55-4A-207. Misdescription of beneficiary. (a) Subject to Subsection (b) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order

Topics: banking, funds transfer, payment orders

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Provision text match · United States — New Mexico · en

NMSA 55-4A-103. Payment order; definitions

unknown Order Section 55-4A-103 — NMSA 55-4A-103. Payment order; definitions

NMSA 55-4A-103. Payment order; definitions

55-4A-103. Payment order; definitions. (a) In this article: (1) "payment order" means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) the instruction does not state a condition to payment to the beneficiary other than t

Topics: banking, payments

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Provision text match · United States — New Mexico · en

NMSA 58-1A-4. Domestic banks; exemption

unknown Act or statute Section 58-1A-4 — NMSA 58-1A-4. Domestic banks; exemption

NMSA 58-1A-4. Domestic banks; exemption

58-1A-4. Domestic banks; exemption. A domestic bank shall not be required to establish a consumer credit bank to issue credit cards and create credit card accounts. History: Laws 1993, ch. 11, § 4.

Topics: banking, credit cards

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Provision text match · United States — New Mexico · en

NMSA 58-1C-7. Notice and filing requirements

unknown Notice Section 58-1C-7 — NMSA 58-1C-7. Notice and filing requirements

NMSA 58-1C-7. Notice and filing requirements

58-1C-7. Notice and filing requirements. An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a New Mexico state bank shall notify the director of the proposed merger no later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory

Topics: banking, filing requirements, mergers

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Provision text match · United States — New Mexico · en

NMSA 55-3-418. Payment or acceptance by mistake

unknown Act or statute Section 55-3-418 — NMSA 55-3-418. Payment or acceptance by mistake

NMSA 55-3-418. Payment or acceptance by mistake

55-3-418. Payment or acceptance by mistake. (a) Except as provided in Subsection (c), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that (i) payment of the draft had not been stopped pursuant to Section 55-4-403 NMSA 1978 or (ii) the signature of the drawer of the draft was authorized, the drawee may recover t

Topics: banking, payment error, restitution

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Provision text match · United States — New Mexico · en

NMSA 55-3-404. Impostors; fictitious payees

unknown Act or statute Section 55-3-404 — NMSA 55-3-404. Impostors; fictitious payees

NMSA 55-3-404. Impostors; fictitious payees

55-3-404. Impostors; fictitious payees. (a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indorsement of the instrument by any person

Topics: banking, check endorsement, fraud loss allocation, payments

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Provision text match · United States — New Mexico · en

NMSA 55-7-508. Warranties of collecting bank as to documents of title

unknown Act or statute Section 55-7-508 — NMSA 55-7-508. Warranties of collecting bank as to documents of title

NMSA 55-7-508. Warranties of collecting bank as to documents of title

55-7-508. Warranties of collecting bank as to documents of title. A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or o

Topics: banking, collection, documents of title

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Provision text match · United States — New Mexico · en

NMSA 55-3-420. Conversion of instrument

unknown Act or statute Section 55-3-420 — NMSA 55-3-420. Conversion of instrument

NMSA 55-3-420. Conversion of instrument

55-3-420. Conversion of instrument. (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce

Topics: banking, instrument conversion, payment instruments

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Provision text match · United States — New Mexico · en

NMSA 58-18-17. Bonds, notes and other obligations; legal investments for

unknown Act or statute Section 58-18-17 — NMSA 58-18-17. Bonds, notes and other obligations; legal investments for

NMSA 58-18-17. Bonds, notes and other obligations; legal investments for

e banks, savings banks, savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries and all other persons who are or may be authorized to invest in bonds or other obligations of the state may properly and legally

Topics: banking, insurance, public investments

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Provision text match · United States — New Mexico · en

NMSA 55-4-504. Privilege of presenting bank to deal with goods; security

unknown Act or statute Section 55-4-504 — NMSA 55-4-504. Privilege of presenting bank to deal with goods; security

NMSA 55-4-504. Privilege of presenting bank to deal with goods; security

55-4-504. Privilege of presenting bank to deal with goods; security interest for expenses. (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expens

Topics: banking, documentary drafts, goods handling, liens

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Provision text match · United States — New Mexico · en

NMSA 58-22-20. Bank deposit required; maintenance of trust accounts

unknown Act or statute Section 58-22-20 — NMSA 58-22-20. Bank deposit required; maintenance of trust accounts

NMSA 58-22-20. Bank deposit required; maintenance of trust accounts

58-22-20. Bank deposit required; maintenance of trust accounts. All money received in escrow prior to disbursement shall be deposited in a trust account maintained in a bank, savings and loan association or credit union located in New Mexico. Such trust accounts shall be maintained separately from those required for operation of the licensee and funds belong

Topics: banking, escrow, trust accounts

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Provision text match · United States — New Mexico · en

NMSA 55-3-307. Notice of breach of fiduciary duty

unknown Notice Section 55-3-307 — NMSA 55-3-307. Notice of breach of fiduciary duty

NMSA 55-3-307. Notice of breach of fiduciary duty

55-3-307. Notice of breach of fiduciary duty. (a) In this section: (1) "fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument; and (2) "represented person" means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in Pa

Topics: banking, fiduciary transfers, notice of breach

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Provision text match · United States — New Mexico · en

NMSA 55-4A-107. Federal reserve regulations and operating circulars

unknown Regulation Section 55-4A-107 — NMSA 55-4A-107. Federal reserve regulations and operating circulars

NMSA 55-4A-107. Federal reserve regulations and operating circulars

55-4A-107. Federal reserve regulations and operating circulars. Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency. History: 1978 Comp., § 55-4A-107, enacted by Laws 1992, ch. 114, § 203. OFFICIAL COMME

Topics: Federal Reserve transfers, payment order processing, preemption

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Provision text match · United States — New Mexico · en

NMSA 55-4A-104. Funds transfer; definitions

unknown Act or statute Section 55-4A-104 — NMSA 55-4A-104. Funds transfer; definitions

NMSA 55-4A-104. Funds transfer; definitions

is defined in Section 4A-105(a)(2) [55-4A-105 NMSA 1978]. The effect of this definition is to limit Article 4A to payments made through the banking system. A transfer of funds made by an entity outside the banking system is excluded. A transfer of funds through an entity other than a bank is usually a consumer transaction involving relatively small amounts o

Topics: funds transfers, payment orders, wire transfers

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Provision text match · United States — New Mexico · en

NMSA 55-4-105. Definitions of types of banks

unknown Act or statute Section 55-4-105 — NMSA 55-4-105. Definitions of types of banks

NMSA 55-4-105. Definitions of types of banks

cting bank. 2. Paragraph (1): "Bank" is defined in Section 1-201(b)(4) [55-1-201 NMSA 1978] as meaning "a person engaged in the business of banking." The definition in paragraph (1) makes clear that "bank" includes savings banks, savings and loan associations, credit unions and trust companies, in addition to the commercial banks commonly denoted by use of t

Topics: bank accounts, check collection, definitions

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Provision text match · United States — New Mexico · en

NMSA 55-4-106. Payable through or payable at bank; collecting bank

unknown Act or statute Section 55-4-106 — NMSA 55-4-106. Payable through or payable at bank; collecting bank

NMSA 55-4-106. Payable through or payable at bank; collecting bank

55-4-106. Payable through or payable at bank; collecting bank. (a) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank. (b) If an item states that

Topics: bank collection, payment instruments

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Provision text match · United States — New Mexico · en

NMSA 55-4A-209. Acceptance of payment order

unknown Order Section 55-4A-209 — NMSA 55-4A-209. Acceptance of payment order

NMSA 55-4A-209. Acceptance of payment order

g the day involving funds going into and out of the account. Some of these transactions may occur late in the day or after the close of the banking day. To accommodate this situation, Subsection (b)(3) provides that the status of the account is determined at the opening of the next funds transfer business day of the beneficiary's bank after the payment date

Topics: bank acceptance, funds transfer, payment orders

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Provision text match · United States — New Mexico · en

NMSA 76-21-21. Disposition of funds

unknown Act or statute Section 76-21-21 — NMSA 76-21-21. Disposition of funds

NMSA 76-21-21. Disposition of funds

76-21-21. Disposition of funds. A. All funds received by the commission shall be received by the commission and disbursed directly by the commission according to procedures approved by the director and shall be subject to audit by the state auditor at his discretion. The commission is not required to submit vouchers, purchase orders or contracts to the depar

Topics: audits, banking, fund handling, payment processing

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