New Mexico Statutes 35-7-5. Magistrate administration; public money; commingling;
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trust fund bank account.
Terms Used In New Mexico Statutes 35-7-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A. All money collected by a magistrate court in connection with civil and criminal actions is public money of the state held in trust by the district court within the same judicial district until disbursed in accordance with law. Public money shall not be commingled with personal funds of the magistrate or any other funds.
B. Every district court shall maintain a special trust fund checking account for the magistrate courts in its judicial district in a convenient bank insured by the federal deposit insurance corporation and shall deposit all public money into the account within two banking days after its receipt.