New Mexico Statutes 58-9-3. Exemptions
A. For the purposes of the Trust Company Act [N.M. Stat. Ann. Chapter 58, Article 9], a person, legal entity or corporation does not engage in the trust business by:
Terms Used In New Mexico Statutes 58-9-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Trustee: A person or institution holding and administering property in trust.
such;
(1) rendering services as an attorney-at-law in the performance of duties as (2) rendering services as a certified or registered public accountant in the performance of duties as such;
(3) acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
(4) acting as a trustee in bankruptcy or as a receiver;
(5) holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;
(6) engaging in the business of an escrow agent;
(7) holding assets as trustee of a trust created for charitable purposes;
(8) receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or
(9) engaging in securities transactions as a dealer or salesman.
B. Insurance companies licensed to do business in New Mexico and subject to the regulation and control of the superintendent of insurance are excluded from the provisions of the Trust Company Act.