NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-8A-5
Dormancy charge
Official textnmonesource.comlast amended
A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable.
Amendment history
Laws 1997, ch. 25, § 5.
Source: official source (NMSA chapter on nmonesource.com)
In this article (32 sections)
- 7-8A-1 · Definitions
- 7-8A-2 · Presumptions of abandonment
- 7-8A-3 · 7-8A-3
- 7-8A-4 · Rules for taking custody
- 7-8A-5 · Dormancy charge
- 7-8A-6 · 7-8A-6
- 7-8A-7 · Report of abandoned property
- 7-8A-8 · Payment or delivery of abandoned property
- 7-8A-9 · Notice and publication of lists of abandoned property
- 7-8A-10 · Custody by state; recovery by holder; defense of holder
- 7-8A-10.1 · Exercise of due diligence; liability; notice
- 7-8A-11 · 7-8A-11
- 7-8A-12 · Public sale of abandoned property
- 7-8A-13 · Deposit of funds
- 7-8A-14 · Claim of another state to recover property
- 7-8A-15 · 7-8A-15
- 7-8A-16 · Appeal; action to establish claim
- 7-8A-17 · Election to take payment or delivery
- 7-8A-18 · 7-8A-18
- 7-8A-19 · Periods of limitation
- 7-8A-20 · Requests for reports and examination of records
- 7-8A-21 · Retention of records
- 7-8A-22 · Enforcement
- 7-8A-23 · 7-8A-23
- 7-8A-24 · Interest and penalties
- 7-8A-25 · Agreement to locate property
- 7-8A-26 · Foreign transactions
- 7-8A-27 · Transitional provisions
- 7-8A-28 · Rules
- 7-8A-29 · Uniformity of application and construction
- 7-8A-30 · Short title
- 7-8A-31 · Severability clause