No suit, action or proceeding at law or equity, for the recovery of judgment upon, or the enforcement or collection of, any bond of any county, city, town, school district or other municipality in this state, or upon any coupon thereto attached, shall be commenced except within ten years next after the date of the maturity of such bond or coupon, and all such suits or action not so commenced shall be forever barred.
History: Laws 1907, ch. 68, § 1; Code 1915, § 3362; C.S. 1929, § 83-117; 1941 Comp., § 27-123; 1953 Comp., § 23-1-24.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The New Mexico Rules of Civil Procedure, applicable to all civil suits cognizable at law or in equity, provide for only one form of action, known as "civil action." See Rules 1-001 and 1-002 NMRA.
Cross references. — For the Public Securities Limitation of Action Act, see 6-14-4 NMSA 1978.
Limitations start running on interest coupons from coupons' maturity date rather than from the date of maturity of the bonds for which they represent interest payments. 1944 Op. Att'y Gen. No. 44-4570.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 12 Am. Jur. 2d Bonds §§ 75 to 79; 51 Am. Jur. 2d Limitation of Actions § 24; 64 Am. Jur. 2d Public Securities and Obligations §§ 500 to 505.
Statute of limitations applicable to coupons detached from bonds or other instruments, 62 A.L.R. 270.
Inclusion or exclusion of first and last day for purposes of statute of limitations, 20 A.L.R.2d 1249.
Entry or endorsement by creditor on note, bond or other obligation as evidence of part payment which will toll the statute of limitations, 23 A.L.R.2d 1331.
Estoppel to rely on statute of limitations, 24 A.L.R.2d 1413.
When limitations begin to run against actions on public securities or obligations to be paid out of a special or particular fund, 50 A.L.R.2d 271.
20 C.J.S. Counties § 259; 64 C.J.S. Municipal Corporations § 1973; 79 C.J.S. Schools and School Districts § 375.
Structure New Mexico Statutes
Chapter 37 - Limitation of Actions; Abatement and Revivor
Article 1 - Limitations of Actions
Section 37-1-3 - Notes; written instruments; period of limitation; computation of period.
Section 37-1-5 - Actions for wage and hour violations.
Section 37-1-6 - [Accrual of cause of action on open accounts.]
Section 37-1-8 - Actions against sureties on fiduciary bonds; injuries to person or reputation.
Section 37-1-9 - [Effect of absence from state or concealment of debtor.]
Section 37-1-10 - Minors; incapacitated persons.
Section 37-1-11 - [Effect of death.]
Section 37-1-12 - [When commencement of action stayed or prevented.]
Section 37-1-13 - [When action deemed commenced.]
Section 37-1-14 - [When second suit deemed continuation of first action.]
Section 37-1-15 - [Setoffs or counterclaims not barred; defendant not to receive excess.]
Section 37-1-16 - Revival of causes of action.
Section 37-1-17 - [Other statutes prescribing limitations unaffected.]
Section 37-1-18 - [Limitations not to run against trust actions fraudulently concealed.]
Section 37-1-19 - [Applicability of limitations.]
Section 37-1-20 - [No sale upon mortgages, etc., when action barred.]
Section 37-1-23 - Contractual liability; statute of limitations.
Section 37-1-24 - Suits against municipalities or their officers.
Section 37-1-25 - [Suit, etc., on municipal and other local governmental bonds or coupons.]
Section 37-1-26 - [Questioning of privilege or franchise granted by municipal corporation.]
Section 37-1-27 - Construction projects; limitation on actions for defective or unsafe conditions.
Section 37-1-28 - Real estate; limitation on actions for defects of title.
Section 37-1-29 - Limitation [on parent-child relationship determination].
Section 37-1-30 - Action for damages due to childhood sexual abuse; limitation on actions.