A. Real property held by a company may be valued at not more than: its cost plus the cost of capitalized additions and permanent improvements, less depreciation, or its fair market value as determined by appraisal within the most recent three years, whichever is less. Depreciation shall be computed under the straight line method or, at the option of the company, under any other method resulting in larger accumulated depreciation at any given time. Depreciation of any buildings shall be based upon an estimated useful life of not more than fifty years.
B. Property acquired in satisfaction of a debt shall be valued at its fair market value or the amount of the debt, including capitalized taxes and expenses, whichever amount is less.
History: 1978 Comp., § 59A-8-15, enacted by Laws 1993, ch. 320, § 26.
Repeals and reenactments. — Laws 1993, ch. 320, § 26 repealed former 59A-8-15 NMSA 1978, as enacted by Laws 1984, ch. 127, § 132, and enacted a new section, effective June 18, 1993.
Structure New Mexico Statutes
Article 8 - Assets and Liabilities
Section 59A-8-1 - "Assets" defined.
Section 59A-8-2 - Assets not allowed.
Section 59A-8-3 - Disallowance of "wash" transactions.
Section 59A-8-4 - Liabilities, in general.
Section 59A-8-5 - Standard valuation law, life insurance and annuities.
Section 59A-8-7.1 - Continued liability after assumption reinsurance transactions.
Section 59A-8-8 - Loss reserves.
Section 59A-8-10 - Unearned premium reserve, marine and transportation insurance.
Section 59A-8-11 - Title insurance reserves.
Section 59A-8-12 - Mortgage guaranty contingency reserve.
Section 59A-8-13 - Valuation of bonds.
Section 59A-8-14 - Valuation of other securities.