The adjutant general may prescribe regulations for the obtaining of collateral to guarantee the return of arms, uniforms, equipment or other military property issued to members of the national guard or the state defense force in an amount at least equal to the value of the property issued and for such duration as is deemed appropriate. Such collateral may include cash, surety bonds, certificates of title or other good and valuable consideration. Property with investment value shall be deposited at interest, that interest to be paid to the member with return of the collateral upon proper return of the property in serviceable condition, fair wear and tear excepted.
History: 1978 Comp., § 20-9-5, enacted by Laws 1987, ch. 318, § 62.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 318 repealed former 20-9-5 NMSA 1978, as enacted by Laws 1925, ch. 113, § 91, relating to bond premium payments, and enacted a new section, effective April 10, 1987.