Any director or officer who assents to or participates in the making of any loan to a director or officer shall be personally liable to the corporation for the amount of the loan until the repayment thereof. History: 1953 Comp., 51-14-71, enacted by Laws 1975, ch. 217, 29. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. - 18A C.J.S. Corporations 913.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically falls under the Uniform Commercial Code and pertains to the medium and time of settlement by a bank. It states that the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing-house rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or specified by the person to receive settlement.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically the Uniform Commercial Code, Bank Deposits and Collections, Collection of Items - Depositary and Collecting Banks, governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It defines when an item is finally paid by a payor bank, including payment in cash, settlement without the right to revoke, and provisional settlements that become final.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically focuses on the collection of items by payor banks. It outlines the circumstances under which a payor bank can settle for a demand item and subsequently revoke the settlement to recover the payment. The payor bank can revoke the settlement by returning the item, returning an image of the item if agreed upon, or sending a notice of dishonor or nonpayment if the item is unavailable for return.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically falls under the Uniform Commercial Code and pertains to the collection of items by payor banks. It establishes that any knowledge, notice, stop-payment order, or legal process received by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid it in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account for an item, even if it creates an overdraft. The item must be properly payable, authorized by the customer, and in accordance with any agreement between the customer and the bank.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically the Uniform Commercial Code, Bank Deposits and Collections, governs the relationship between a payor bank and its customer. It grants the customer or any authorized person the right to stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank. The stop-payment order is effective for six months, but if the original order was oral and not confirmed in a record within 14 days, it lapses.

According to the New Mexico Statutes Annotated 1978, a bank is not obligated to pay a check presented more than six months after its date, except for certified checks. However, the bank may charge the customer’s account for a payment made in good faith after the six-month period. This provision is based on banking and commercial practice, which considers checks outstanding for longer than six months as stale. The bank has the option to pay such checks but is not required to do so.

This legal document, part of the New Mexico Statutes Annotated 1978, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations. It applies to customers of banks. The document outlines the responsibilities of banks in providing statements of account and returning or making available the items paid. It also establishes the duty of customers to promptly examine the statements or items and notify the bank of any unauthorized payments.

This act [ 58-13D-1 to 58-13D-8 NMSA 1978] may be cited as the ‘Protecting Vulnerable Adults from Financial Exploitation Act’. History: Laws 2017, ch. 106, 1 . ANNOTATIONS Effective dates. - Laws 2017, ch. 106, 9 made Laws 2017, ch. 106, 1 effective July 1, 2017.