Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability. - New-mexico Statutes

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Statutes > New-mexico > Chapter-58 > Article-1 > Section-58-1-31

58-1-31. Endorsement and signature guaranty and unauthorized assumption of liability.

A. A state bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument, which it owns or has received for collection. A state bank may assume the liability of the guarantor of the genuineness of a signature.

B. Except as expressly permitted in the Banking Act [58-1-1 NMSA 1978], a state bank shall not assume liability as an insurer or as a guarantor or endorser of any security instrument or obligation.

State Codes and Statutes

Statutes > New-mexico > Chapter-58 > Article-1 > Section-58-1-31

58-1-31. Endorsement and signature guaranty and unauthorized assumption of liability.

A. A state bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument, which it owns or has received for collection. A state bank may assume the liability of the guarantor of the genuineness of a signature.

B. Except as expressly permitted in the Banking Act [58-1-1 NMSA 1978], a state bank shall not assume liability as an insurer or as a guarantor or endorser of any security instrument or obligation.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-58 > Article-1 > Section-58-1-31

58-1-31. Endorsement and signature guaranty and unauthorized assumption of liability.

A. A state bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument, which it owns or has received for collection. A state bank may assume the liability of the guarantor of the genuineness of a signature.

B. Except as expressly permitted in the Banking Act [58-1-1 NMSA 1978], a state bank shall not assume liability as an insurer or as a guarantor or endorser of any security instrument or obligation.