If a merging, converting or selling bank has assets which do not conform to the requirements of state law for the resulting or purchasing state bank or carries on business activities which are not authorized or permitted for the resulting or purchasing state bank, the director of the financial institutions division may permit a reasonable time to conform with the law of this state, and, in the case of a resulting or purchasing state bank that is not to exercise trust powers, shall require that prompt application be made to a court of competent jurisdiction for the appointment of a successor trustee.
History: 1941 Comp., § 50-1911, enacted by Laws 1951, ch. 37, § 11; 1953 Comp., § 48-13-11; Laws 1977, ch. 245, § 34.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking § 128.
Structure 2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 4 - Merger and Consolidation of Banks
Section 58-4-1 - Additional definitions.
Section 58-4-2 - Resulting national bank.
Section 58-4-3 - Resulting state bank.
Section 58-4-4 - Merger procedure; resulting state bank.
Section 58-4-5 - Merger; approval by stockholders of state banks.
Section 58-4-7 - Conversion of national into state bank.
Section 58-4-8 - Continuation of corporate entity; use of old name.
Section 58-4-9 - Sale of all assets of bank or department.
Section 58-4-10 - Dissenting stockholders.
Section 58-4-11 - Nonconforming assets or business.
Section 58-4-12 - Book value of assets.
Section 58-4-13 - Conversion of savings association to a state bank.