Destruction or disposition of property having no substantial commercial value; immunity from liability.

1. Law
2. New Mexico Statutes
3. Taxation
4. Uniform Unclaimed Property Act
5. Destruction or disposition of property having no substantial commercial value; immunity from liability.

If the administrator determines after investigation that property delivered under the Uniform Unclaimed Property Act (1995) has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or any officer or against the holder for or on account of an act of the administrator under this section, except for intentional misconduct or malfeasance.

History: Laws 1997, ch. 25, § 18.

ANNOTATIONS

Effective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 18 effective July 1, 1997.

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