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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-8A-19

Periods of limitation

Official textnmonesource.comlast amended

# (a)

The expiration, before or after the effective date of the Uniform Unclaimed Property Act (1995), of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by the Uniform Unclaimed Property Act (1995).

# (b)

An action or proceeding may not be maintained by the administrator to enforce the Uniform Unclaimed Property Act (1995) in regard to the reporting, delivery, or payment of property more than ten years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.

Amendment history

Laws 1997, ch. 25, § 19.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (32 sections)
  1. 7-8A-1 · Definitions
  2. 7-8A-2 · Presumptions of abandonment
  3. 7-8A-3 · 7-8A-3
  4. 7-8A-4 · Rules for taking custody
  5. 7-8A-5 · Dormancy charge
  6. 7-8A-6 · 7-8A-6
  7. 7-8A-7 · Report of abandoned property
  8. 7-8A-8 · Payment or delivery of abandoned property
  9. 7-8A-9 · Notice and publication of lists of abandoned property
  10. 7-8A-10 · Custody by state; recovery by holder; defense of holder
  11. 7-8A-10.1 · Exercise of due diligence; liability; notice
  12. 7-8A-11 · 7-8A-11
  13. 7-8A-12 · Public sale of abandoned property
  14. 7-8A-13 · Deposit of funds
  15. 7-8A-14 · Claim of another state to recover property
  16. 7-8A-15 · 7-8A-15
  17. 7-8A-16 · Appeal; action to establish claim
  18. 7-8A-17 · Election to take payment or delivery
  19. 7-8A-18 · 7-8A-18
  20. 7-8A-19 · Periods of limitation
  21. 7-8A-20 · Requests for reports and examination of records
  22. 7-8A-21 · Retention of records
  23. 7-8A-22 · Enforcement
  24. 7-8A-23 · 7-8A-23
  25. 7-8A-24 · Interest and penalties
  26. 7-8A-25 · Agreement to locate property
  27. 7-8A-26 · Foreign transactions
  28. 7-8A-27 · Transitional provisions
  29. 7-8A-28 · Rules
  30. 7-8A-29 · Uniformity of application and construction
  31. 7-8A-30 · Short title
  32. 7-8A-31 · Severability clause
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