A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable.
History: Laws 1997, ch. 25, § 5.
Effective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 5 effective July 1, 1997.
Structure 2021 New Mexico Statutes
Article 8A - Uniform Unclaimed Property Act
Section 7-8A-2 - Presumptions of abandonment.
Section 7-8A-3 - Contents of safe deposit box or other safekeeping depository.
Section 7-8A-4 - Rules for taking custody.
Section 7-8A-5 - Dormancy charge.
Section 7-8A-6 - Burden of proof as to property evidenced by record of check or draft.
Section 7-8A-7 - Report of abandoned property.
Section 7-8A-8 - Payment or delivery of abandoned property.
Section 7-8A-9 - Notice and publication of lists of abandoned property.
Section 7-8A-10 - Custody by state; recovery by holder; defense of holder.
Section 7-8A-10.1 - Exercise of due diligence; liability; notice.
Section 7-8A-11 - Crediting of dividends, interest and increments to owner's account.
Section 7-8A-12 - Public sale of abandoned property.
Section 7-8A-13 - Deposit of funds.
Section 7-8A-14 - Claim of another state to recover property.
Section 7-8A-15 - Filing claim with administrator; handling of claims by administrator.
Section 7-8A-16 - Appeal; action to establish claim.
Section 7-8A-17 - Election to take payment or delivery.
Section 7-8A-19 - Periods of limitation.
Section 7-8A-20 - Requests for reports and examination of records.
Section 7-8A-21 - Retention of records.
Section 7-8A-22 - Enforcement.
Section 7-8A-24 - Interest and penalties.
Section 7-8A-25 - Agreement to locate property.
Section 7-8A-26 - Foreign transactions.
Section 7-8A-27 - Transitional provisions.
Section 7-8A-29 - Uniformity of application and construction.