New Mexico § 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company
Full text of New Mexico New Mexico Statutes Annotated § 58-1-10 — Authority to engage in leasing safe deposit facilities; subsidiary company, with citation guidance and answers to common questions.
§ 58-1-10. Authority to engage in leasing safe deposit facilities; subsidiary company
A. Subject to such regulations as the commissioner [director of the financial institutions
division of the commerce and industry department] may prescribe, a state bank or safe
deposit company may maintain and lease safe deposit boxes and may accept property
or documents for safekeeping if, except in the case of night depositories, it issues
a receipt therefor. B. A state bank may own stock in safe deposit companies not exceeding in aggregate
cost fifteen percent of its capital and surplus, but at least ninety percent of the
stock in each such safe deposit company must be owned by banks.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 58-1-10
What does New Mexico Statutes Annotated § 58-1-10 cover?
Section 58-1-10 ("Authority to engage in leasing safe deposit facilities; subsidiary company") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 58-1-10?
A common citation format is "New Mexico Statutes Annotated § 58-1-10" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 58-1-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.