New Mexico Statutes 58-22-13. Action on bond; limitation
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No action shall be brought upon any bond required pursuant to Section 10 [58-22-10 N.M. Stat. Ann.] of the Escrow Company Act or insurance coverage required pursuant to Section 11 [58-22-11 N.M. Stat. Ann.] of that act after the expiration of three years from the accrual of the cause of action.
Terms Used In New Mexico Statutes 58-22-13
- Escrow: Money given to a third party to be held for payment until certain conditions are met.