Liability of members.

  1. Law
  2. New Mexico Statutes
  3. Financial Institutions and Regulations
  4. Credit Unions
  5. Liability of members.

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The members of a credit union shall not be personally or individually liable for the payments of its debts solely by virtue of holding membership.

History: Laws 1987, ch. 311, § 25.

ANNOTATIONS

Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-25 NMSA 1978, as amended by Laws 1975, ch. 344, § 23, relating to conversion, effective June 19, 1987, and enacted the present section.

Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.


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