New Mexico Statutes 58-22-32. Status of preexisting escrows
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Nothing contained in the Escrow Company Act shall be so construed as to impair or affect the obligation of any escrow agreement that was lawfully entered into prior to the effective date of that act.
Terms Used In New Mexico Statutes 58-22-32
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.