us-nm/stat
NMSA 1978, § 7-8A-10 — Custody by state; recovery by holder; defense of holder
(a)
In this section, payment or delivery is made in "good faith" if:
(1) payment or delivery was made in a reasonable attempt to comply with the
Uniform Unclaimed Property Act (1995);
(2) the holder was not then in breach of a fiduciary obligation with respect to
the property and had a reasonable basis for believing, based on the facts then known,
that the property was presumed abandoned; and
(3) there is no showing that the records under which the payment or delivery
was made did not meet reasonable commercial standards of practice.
(b)
Upon payment or delivery of property to the administrator, the state assumes
custody and responsibility for the safekeeping of the property. A holder who pays or
delivers property to the administrator in good faith is relieved of all liability arising
thereafter with respect to the property.
(c)
A holder who has paid money to the administrator pursuant to the Uniform
Unclaimed Property Act (1995) may subsequently make payment to a person
reasonably appearing to the holder to be entitled to payment. Upon a filing by the holder
of proof of payment and proof that the payee was entitled to the payment, the
administrator shall promptly reimburse the holder for the payment without imposing a
fee or other charge. If reimbursement is sought for a payment made on a negotiable
instrument, including a traveler's check or money order, the holder must be reimbursed
upon filing proof that the instrument was duly presented and that payment was made to
a person who reasonably appeared to be entitled to payment. The holder must be
reimbursed for payment made even if the payment was made to a person whose claim
was barred under Section 19(a) [7-8A-19(a) NMSA 1978] of the Uniform Unclaimed
Property Act (1995).
(d)
A holder who has delivered property other than money to the administrator
pursuant to the Uniform Unclaimed Property Act (1995) may reclaim the property if it is
still in the possession of the administrator, without paying any fee or other charge, upon
filing proof that the apparent owner has claimed the property from the holder.
(e)
The administrator may accept a holder's affidavit as sufficient proof of the
holder's right to recover money and property under this section.
(f)
If a holder pays or delivers property to the administrator in good faith and
thereafter another person claims the property from the holder or another state claims
the money or property under its laws relating to escheat or abandoned or unclaimed
property, the administrator, upon written notice of the claim, shall defend the holder
against the claim and indemnify the holder against any liability on the claim resulting
from payment or delivery of the property to the administrator.
(g)
Property removed from a safe deposit box or other safekeeping depository is
received by the administrator subject to the holder's right to be reimbursed for the cost
of the opening and to any valid lien or contract providing for the holder to be reimbursed
for unpaid rent or storage charges. The administrator shall reimburse the holder out of
the proceeds remaining after deducting the expense incurred by the administrator in
selling the property.
Source: official text