2021 New Mexico Statutes
Article 3 - Property Rights
Section 40-3-4 - Contracts of indemnity; no obligation of community property unless signed by both husband and wife.

It is against the public policy of this state to allow one spouse to obligate community property by entering into a contract of indemnity whereby he will indemnify a surety company in case of default of the principal upon a bond or undertaking issued in consideration of the contract of indemnity. No community property shall be liable for any indebtedness incurred as a result of any contract of indemnity made after the effective date of this section, unless both husband and wife sign the contract of indemnity.
History: 1953 Comp., § 57-4-10, enacted by Laws 1965, ch. 74, § 1.
Cross references. — For requirement of joinder of spouses for purposes of transfer, conveyance, mortgage and lease of community real property, see 40-3-13 NMSA 1978.
Applicability of section. — This section did not apply to bar an action on a promissory note brought by the promisee against the wives of the promisors, since the action was a simple suit on a note against the remaining members of the marital community and not a contract of indemnity. Lubbock Steel & Supply, Inc. v. Gomez, 1987-NMSC-025, 105 N.M. 516, 734 P.2d 756.
Law reviews. — For symposium, "The Effects of an Equal Rights Amendment on the New Mexico System of Community Property: Problems of Characterization, Management and Control," see 3 N.M.L. Rev. 11 (1973).
For article, "The Community Property Act of 1973: A Commentary and Quasi-Legislative History," see 5 N.M.L. Rev. 1 (1974).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Community Property §§ 77 to 80.
41 C.J.S. Husband and Wife §§ 164 to 166.

Structure 2021 New Mexico Statutes