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Can you summarize Article 2, Chapter 58 NMSA?
Financial Institutions and Regulations > Insurance of Bank Deposits
Short Summary
The provided legal document content covers various aspects related to insurance of bank deposits in New Mexico. It grants the corporation acting as a receiver or liquidator the right and power to enforce the individual liability of stockholders and directors of banking institutions. The director of the financial institutions division is authorized to accept examinations and reports conducted by the federal deposit insurance corporation in lieu of state-required examinations and reports for banking institutions in New Mexico. The director and the receiver or liquidator have the authority to borrow from a federal corporation and provide the assets of a closed banking institution as security for the loan, subject to court approval. Upon accepting the appointment as receiver or liquidator, the corporation automatically gains possession and title to all assets, business, and property of the closed banking institution. The federal deposit insurance corporation is granted subrogation rights when it pays or makes available the insured deposit liabilities of a closed institution. Banking institutions in New Mexico are authorized to enter into contracts and incur obligations to take advantage of federal laws related to deposit insurance and regulation. The documents do not mention any specific exemptions or penalties. Overall, these provisions aim to regulate the insurance of bank deposits and the powers and duties of relevant entities involved in the process.
Whom does it apply to?
Stockholders, directors, banking institutions in New Mexico, director of the financial institutions division, receiver or liquidator of a closed banking institution, federal deposit insurance corporation
What does it govern?
Enforcement of individual liability of stockholders and directors of banking institutions, acceptance of examinations and reports by the federal deposit insurance corporation, borrowing from a federal corporation by the director or receiver/liquidator of a closed banking institution, transfer of assets to the federal corporation upon appointment as receiver/liquidator, subrogation rights of the federal deposit insurance corporation, authority of banking institutions to enter into contracts and incur obligations related to deposit insurance and regulation
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Mexico