Chapter 58, Article 9 NMSA 1978 may be cited as the "Trust Company Act".
History: 1953 Comp., § 48-24-1, enacted by Laws 1973, ch. 191, § 1; 2013, ch. 88, § 1; 2013, ch. 97, § 1.
ANNOTATIONSCross references. — For the Banking Act, see 58-1-1 NMSA 1978.
For fiduciaries, see Chapter 46 NMSA 1978.
The 2013 amendment, effective June 14, 2013, added the NMSA chapter and article for the Trust Company Act; and at the beginning of the sentence, deleted "Sections 1 through 13 of this act" and added "Chapter 58, Article 9 NMSA 1978".
Laws 2013, ch. 88, § 1, and Laws 2013, ch. 97, § 1, both effective June 1, 2013, enacted identical amendments to this section. The section was set out as amended by Laws 2013, ch. 97, § 1. See 12-1-8 NMSA 1978.
Corporation's stock all owned by out-of-state bank holding company. — The financial institutions division may issue a trust company certificate to a New Mexico corporation if all of its common stock is owned by an out-of-state bank holding company; provided that the corporation complies with all requirements of the Trust Company Act, Sections 58-9-1 to 58-9-13 NMSA 1978. 1987 Op. Att'y Gen. No. 87-06.
Operation in banks owned by holding company. — If a trust company certificate is issued to a corporation whose common stock is owned by an out-of-state bank holding company, the resulting trust company may operate in the main office or branches of banks owned by the holding company. 1987 Op. Att'y Gen. No. 87-06.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.