A. Whenever any corporation desires to discontinue doing a trust business and surrenders its certificate or if its certificate is suspended or revoked, the company shall continue to be subject to the Trust Company Act for so long as it acts as a fiduciary with respect to any trust business previously undertaken.

Terms Used In New Mexico Statutes 58-9-11

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Trustee: A person or institution holding and administering property in trust.

B. A trust company seeking to relinquish its certificate by liquidation shall file an application for dissolution with the director. The application shall include a comprehensive plan for dissolution setting forth the proposed disposition of all assets and liabilities in reasonable detail to effect a liquidation. The plan of dissolution shall provide for the discharge or assumption of all the trust company’s known and unknown claims and liabilities and for the transfer of all its responsibilities as a trustee to a successor trustee or trustees. Additionally, the application for dissolution shall include other evidence, certifications, affidavits, documents or information as the director may require demonstrating how assets and liabilities will be disposed of, the timetable for effecting disposition of the assets and liabilities and the trust company’s proposal for addressing any claims that are asserted after the dissolution has been completed. The director shall examine the application for completeness and compliance with the requirements of this section, the business entity laws applicable to the required type of dissolution and applicable rules. The director may conduct a special examination of the trust company for purposes of evaluating the application.

C. A trust company seeking to reorganize, including any change in ownership of the corporation of ten percent or greater, shall file an application for reorganization with the director. The application shall include a comprehensive plan for reorganization setting forth the proposed disposition of all assets and liabilities in reasonable detail to effect a reorganization. The plan of reorganization shall provide for the assumption of all the trust company’s known and unknown claims and liabilities and for the transfer of all its responsibilities as a trustee to a successor trustee or trustees. Additionally, the application for reorganization shall include other evidence, certifications, affidavits, documents or information as the director may require demonstrating how assets and liabilities will be treated and the trust company’s proposal for addressing any claims that are asserted after the reorganization has been completed. The director shall examine the application for completeness and compliance with the requirements of this section, the business entity laws applicable to the required type of reorganization and applicable rules. The director may conduct a special examination of the trust company for

purposes of evaluating the application.

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