New Mexico § 58-1-5 - Deposit of minor; school or institutional deposits
Full text of New Mexico New Mexico Statutes Annotated § 58-1-5 — Deposit of minor; school or institutional deposits, with citation guidance and answers to common questions.
§ 58-1-5. Deposit of minor; school or institutional deposits
A. A bank may operate a deposit account in the name of a minor or in the name of two
or more persons, one or more of whom are minors, with the same effect upon its liability
as if such minors were of full age. B. Subject to such regulations as the commissioner [director of the financial institutions
division of the regulation and licensing department] may prescribe for the protection
of depositors, a bank may contract with the proper authorities of any elementary or
secondary school, or of any institution caring for minors, for the participation by
the bank in any school or institutional thrift or savings plan, and it may accept
deposits at such a school or institution, either by its own collector or by any representative
of the school or institution who becomes the agent of the bank for such purpose.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 58-1-5
What does New Mexico Statutes Annotated § 58-1-5 cover?
Section 58-1-5 ("Deposit of minor; school or institutional deposits") 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 § 58-1-5?
A common citation format is "New Mexico Statutes Annotated § 58-1-5" (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 § 58-1-5 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.