A. Whenever securities pledged by a depository bank or savings and loan association to secure public money are delivered to a custodial bank for safekeeping, the custodial bank is authorized to comply with the written instructions given by the depository bank or savings and loan association and the treasurer of the state, county, municipality, school district, public institution or board involved in accepting the securities for safekeeping, in releasing and delivering all or any portion of such pledged securities held in safekeeping and in permitting substitutions of other approved securities for those previously held in safekeeping. It is not necessary for the custodial bank to obtain instructions from or approval thereof by the board of finance having control of the public money involved in the particular transaction.
B. In other cases where a depository bank or savings and loan association is entitled to a withdrawal and return to it of securities which have been deposited to secure deposits of public money, the securities may be withdrawn or substitution of other approved securities effected upon the written instructions executed by the depository bank or savings and loan association and by the treasurer of the state, county, municipality, school district, public institution or board involved. It is not necessary for the instructions to be executed by the board of finance having control of the public money involved in the particular transaction.
C. The written instructions specified in Subsections A and B of this section may be contained in the written agreement between the depository bank or savings and loan association and the custodial bank provided for in Section 6-10-21 NMSA 1978.
History: 1941 Comp., § 7-221a, enacted by Laws 1947, ch. 34, § 1; 1953 Comp., § 11-2-24; 1981, ch. 332, § 9; 1986, ch. 25, § 1; 1991, ch. 31, § 7.
Cross references. — For state investment council, see 6-8-2 NMSA 1978.
The 1991 amendment, effective June 14, 1991, deleted "and mortgage collateral" following "securities" in the catchline; in Subsection A, substituted "a custodial bank" for "another bank or savings and loan association" near the beginning of the first sentence and "custodial bank" for "safe-keeping bank or savings and loan association" in the first and second sentences, and inserted "written" preceding "instructions" in the first sentence; and rewrote Subsection C which pertained to mortgage collateral pledged to secure the deposit of severance tax permanent funds.
Structure 2021 New Mexico Statutes
Section 6-10-1 - Fiscal year designated.
Section 6-10-1.1 - Definitions.
Section 6-10-1.2 - Payment methods authorized; fee.
Section 6-10-2 - Public money; cash books; daily balance; public record.
Section 6-10-2.1 - State treasurer; duty.
Section 6-10-3 - Payment of state money into treasury; suspense funds.
Section 6-10-4 - Payment of obligations of prior years from current year appropriations.
Section 6-10-5 - General fund deficiency; certificates of indebtedness.
Section 6-10-6 - Issuance of certificates.
Section 6-10-7 - Retirement of certificates.
Section 6-10-8 - County boards of finance.
Section 6-10-9 - Boards of finance for institutions.
Section 6-10-10 - Deposit and investment of funds.
Section 6-10-10.2 - Statements of condition required to be transmitted to the state cash manager.
Section 6-10-11 - Approval of investment of state funds.
Section 6-10-12 - [Investment of special road fund balances over $10,000.]
Section 6-10-13 - [Limitation on investment of special road fund.]
Section 6-10-14 - [Securities eligible for special road fund investments.]
Section 6-10-15 - Surety for deposits.
Section 6-10-16 - Security for deposits of public money.
Section 6-10-16.1 - Security for public deposits.
Section 6-10-17 - Amount of security to be deposited.
Section 6-10-17.1 - Noncompliance with collateral requirements; withdrawal of public funds.
Section 6-10-18 - Assignment of securities; disposition.
Section 6-10-19 - Ineligible depository bonds.
Section 6-10-20 - Additional security.
Section 6-10-21 - Security for deposits; safekeeping; regulations of state board of finance.
Section 6-10-22 - Security for deposits; liability for loss.
Section 6-10-23 - Safekeeping of pledged securities; acceptance, release and substitution.
Section 6-10-24.1 - State funds; limitation.
Section 6-10-24.2 - Linked deposit program.
Section 6-10-25 - Declaration of policy.
Section 6-10-27 - Provisions inapplicable to permanent and certain other funds.
Section 6-10-28 - Investment of bond proceeds.
Section 6-10-30 - Interest rates set by state board of finance.
Section 6-10-31 - Interest on time deposits.
Section 6-10-32 - Treatment of interest on land grant funds.
Section 6-10-33 - Interest limited to maximum permitted by federal law or regulation.
Section 6-10-34 - Withdrawal of time deposits subject to federal law or regulation.
Section 6-10-36 - Public money deposits of certain governmental units; distribution; interest.
Section 6-10-36.1 - Receipts of public money; disposition by certain municipalities.
Section 6-10-37 - State treasurer to make deposits.
Section 6-10-39 - [Official bonds; payment of premiums; form.]
Section 6-10-41 - Suspense account unearned money; transfer.
Section 6-10-42 - Authorizing fund transfers to address delays in revenue; restrictions.
Section 6-10-43 - Interest and sinking-fund balances.
Section 6-10-44.1 - Deposits in credit unions.
Section 6-10-45 - [Deposit of local funds with state treasurer to match allotments.]
Section 6-10-46 - Disbursement of state funds; vouchers and warrants.
Section 6-10-48 - Insolvency of depository institution; profit and loss account.
Section 6-10-49 - [Insolvency of banks; state funds; right to recover deposits not impaired.]
Section 6-10-51 - To cover all moneys lawfully intrusted to treasurers.
Section 6-10-52 - [Failure to comply with specific requirements; penalty.]
Section 6-10-53 - [Bribery of public treasurers and employees; penalty.]
Section 6-10-55 - Short title.
Section 6-10-56 - Definitions.
Section 6-10-57 - Cancellation of warrants.
Section 6-10-58 - Signing checks for state funds.
Section 6-10-61 - [Permanent fund investment laws not affected.]