A. For the purposes of the Trust Company Act [Chapter 58, Article 9 NMSA 1978], a person, legal entity or corporation does not engage in the trust business by:
(1) rendering services as an attorney-at-law in the performance of duties as such;
(2) rendering services as a certified or registered public accountant in the performance of duties as such;
(3) acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
(4) acting as a trustee in bankruptcy or as a receiver;
(5) holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;
(6) engaging in the business of an escrow agent;
(7) holding assets as trustee of a trust created for charitable purposes;
(8) receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or
(9) engaging in securities transactions as a dealer or salesman.
B. Insurance companies licensed to do business in New Mexico and subject to the regulation and control of the superintendent of insurance are excluded from the provisions of the Trust Company Act.
History: 1953 Comp., § 48-24-3, enacted by Laws 1973, ch. 191, § 3; 1979, ch. 190, § 2.
ANNOTATIONS