New Mexico Statutes 44-8-6. Qualifications for receivers
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A receiver shall meet the following qualifications:
Terms Used In New Mexico Statutes 44-8-6
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. the person must be at least eighteen years of age or a corporation or other business entity in good standing authorized to do business in New Mexico;
B. the person must not be otherwise disqualified under applicable state or federal law to administer the receivership estate;
C. before entering on his duties as receiver, the receiver shall sign and file a consent to act as receiver; and
D. upon request and a showing of good cause by an interested party, the district court may require the receiver to post a bond unless the mortgage, security agreement, contract or other written agreement dispenses with the posting of bond. The amount of the bond shall be as ordered by the court.