New Mexico Statutes > Chapter 6 > Article 5A – Requirements for Receiving Funds From Certain


§ 6-5A-1	Definitions; requirements for governmental entities that receive funds or property from certain organizations
§ 6-5A-1 v2	Definitions; requirements for governmental entities that receive funds or property from certain organizations. (Effective January 1, 2024.)

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.


§ 7-5A-1	Short title
§ 7-5A-2	Legislative findings
§ 7-5A-3	Definitions
§ 7-5A-4	Authority to enter agreement
§ 7-5A-5	Relationship to state law
§ 7-5A-6	Agreement requirements
§ 7-5A-7	Member states
§ 7-5A-8	Limited binding and beneficial effect
§ 7-5A-9	Liability

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Fiduciary: A trustee, executor, or administrator.
Fraud: Intentional deception resulting in injury to another.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Personal property: All property that is not real property.
Probable cause: A reasonable ground for belief that the offender violated a specific law.

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