New Mexico § 19-10-42 - Distribution of suspense funds after litigation is completed

§ 19-10-42. Distribution of suspense funds after litigation is completed

When the questions involved in the litigation referred to in Section 1 hereof shall

have been finally determined, the commissioner of public lands is directed to disburse

said fund to the funds of the institutions or common schools lawfully entitled thereto,

or, the persons, firms or corporations entitled to said royalties, as the final judgment

of the court in such case or cases may require; and when making such distribution

to the permanent trust funds of the state the commissioner of public lands shall treat

and distribute the income from said fund in the same manner as income from other permanent

funds and in all cases in distributing said income shall make an equitable distribution

thereof as between the different funds or the parties who may be lawfully entitled

to the same; provided, however, that in making said distribution, any permanent fund

or party lawfully entitled to any part of the money so distributed may be given, in

lieu of cash, any securities in which said fund may have been invested and any application

made hereunder to have said royalty payments placed in said suspense fund shall be

taken as indicating the consent of such applicant to all of the provisions of this

act.