Statutes > New Mexico Statutes > Chapter 6 - Public Finances. > Article 10 - Public Money, 6-10-1 through 6-10-63. > Section 6-10-48 - Insolvency of depository institution; profit and loss account.

Section 6-10-48 - Insolvency of depository institution; profit and loss account.

6-10-48. Insolvency of depository institution; profit and loss account.

Whenever any state funds have been deposited with any depository institution of this state and the depository institution has or will become insolvent at the time the deposit of state funds or any part thereof remains on deposit in that institution and the state board of finance determines that all or any part of the deposit of state funds is uncollectable or the deposit or any part thereof has been rendered uncollectable by reason of compromise or settlement thereof by the state board of finance, under order of court, the state board of finance shall order the state treasurer to transfer the balances of the amounts so deemed to be uncollectable to a profit and loss account and to close the accounts upon his books, specifying in the order the amounts to be credited to the profit and loss account.