New Mexico Statutes 72-17-78. Limitations upon liabilities
Neither the directors nor any person executing securities issued hereunder shall be liable personally on the securities by reason of the issuance thereof. Securities issued pursuant to this act [N.M. Stat. Ann. Chapter 72, Article 17] shall not be in any way a debt or liability of the state or of any municipality or other public body and shall not create or
Terms Used In New Mexico Statutes 72-17-78
- 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.
constitute any indebtedness, liability or obligation of the state or of any such municipality or other public body, either legal, moral or otherwise, and nothing in this act contained shall be construed to authorize the authority to incur any indebtedness on behalf of or in any way to obligate the state or any municipality or other public body, except the authority and except as herein otherwise expressly stated or necessarily implied.