us-nm/stat
NMSA 1978, § 7-8A-13 — Deposit of funds
A.
Except as otherwise provided by this section, the administrator shall promptly
deposit in the tax administration suspense fund for distribution pursuant to the
provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] all money
received under the Uniform Unclaimed Property Act (1995), including the proceeds from
the sale of abandoned property under Section 7-8A-12 NMSA 1978. The administrator
shall retain in the unclaimed property fund at least one hundred thousand dollars
($100,000) for the purposes of the Uniform Unclaimed Property Act (1995), from which
the administrator shall pay claims duly allowed. The administrator shall record the name
and last known address of each person appearing from the holders' reports to be
entitled to the property and the name and last known address of each insured person or
annuitant and beneficiary and with respect to each policy or annuity listed in the report
of an insurance company, its number, the name of the company and the amount due.
B.
Before making a deposit to the tax administration suspense fund, the
administrator may deduct:
(1) expenses of sale of abandoned property;
(2) costs of mailing and publication in connection with abandoned property;
(3) reasonable service charges; and
(4) expenses incurred in examining records of holders of property and in
collecting the property from those holders.
Source: official text