{"data":{"id":"us-nm/58-1-17","jurisdiction":"us-nm","citation":"58-1-17","heading":"Qualification and fiduciary powers.","body":"No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds:\nA. the bank has not less than five hundred thousand dollars ($500,000) capital and surplus;\nB. the bank is in a sound financial condition and operated in a prudent and businesslike manner; and\nC. qualified personnel are available to handle trust matters.","path":["Chapter 58 - Financial Institutions and Regulations","ARTICLE 1 Banking Generally"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18561/index.do","current_through":"2025-01-07","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"aec6999d8cca7f08a63de898f9adda80a8742271ef6a7a9bb2a5446b2ed0bd90","source_id":"us-nm","stale":false,"prev":"us-nm/58-1-16","next":"us-nm/58-1-18"},"notice":"GroundRules: Original legal text. Not legal advice."}