New Mexico Statutes 56-9-54. [Permission to assign moneys due from state or subdivision; procedure and limitations.]
Assignments of moneys due or to become due from the state of New Mexico or from any municipal corporation, county or political subdivision or agency thereof under the terms of any construction, improvement, maintenance or repair contract or contracts for equipment or supplies shall be permitted subject to the following limitations and restrictions:
Terms Used In New Mexico Statutes 56-9-54
- 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.
- Trustee: A person or institution holding and administering property in trust.
A. the assignment must, subject to Subparagraph D hereof, be to a bank, trust company or other financing institution;
B. the contract under which such moneys shall be due or become due must provide for payments to the assignor aggregating $500.00 or more;
C. the contract must not contain a provision prohibiting such assignment;
D. unless otherwise expressly permitted by the contract, such assignment shall cover all amounts payable under such contract and not already paid, shall not be made to more than one party, and shall not be subject to further assignment except that any such assignment may be made to one party as agent or trustee for two or more parties participating in such financing;
E. notice shall be given as required by Section 2 [56-9-55 N.M. Stat. Ann.] of this act.