No director of the association shall be personally liable to the association or its members for monetary damages for breach of fiduciary duty as a director unless:

Terms Used In New Mexico Statutes 53-4-18.2

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fiduciary: A trustee, executor, or administrator.

A. the director has breached or failed to perform the duties of the director’s office in compliance with Section 53-4-18.1 N.M. Stat. Ann.; and

B. the breach or failure to perform constitutes willful misconduct or recklessness. The provisions of this section shall, however, only eliminate the liability of a director

for action taken as a director or any failure to take action as a director at meetings of the board of directors or of a committee of the board of directors on or after the date when the provisions of this section become effective.

  Previous section
Next section  
 Article 4 Contents