N.M. Stat. § 7-8A-1 (2026)

As used in the Uniform Unclaimed Property Act (1995):

       (1)    "administrator" means the taxation and revenue department, the secretary
of taxation and revenue or any employee of the department who exercises authority
lawfully delegated to him by the secretary;

      (2)     "apparent owner" means a person whose name appears on the records of
a holder as the person entitled to property held, issued, or owing by the holder;
         (3)  "business association" means a corporation, joint stock company,
investment company, partnership, unincorporated association, joint venture, limited
liability company, business trust, trust company, land bank, safe deposit company,
safekeeping depository, financial organization, insurance company, mutual fund, utility,
or other business entity consisting of one or more persons, whether or not for profit;

       (4)    "domicile" means the state of incorporation of a corporation and the state
of the principal place of business of a holder other than a corporation;

       (5)   "financial organization" means a savings and loan association, building
and loan association, savings bank, industrial bank, bank, banking organization or credit
union;

       (6)    "holder" means a person obligated to hold for the account of, or deliver or
pay to, the owner property that is subject to the Uniform Unclaimed Property Act (1995);

        (7)     "insurance company" means an association, corporation or fraternal or
mutual benefit organization, whether or not for profit, engaged in the business of
providing life endowments, annuities or insurance, including accident, burial, casualty,
credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization,
illness, life, malpractice, marine, mortgage, surety, wage protection and workers'
compensation insurance;

       (8)   "mineral" means gas; oil; coal; other gaseous, liquid and solid
hydrocarbons; oil shale; cement material; sand and gravel; road material; building
stone; chemical raw material; gemstone; fissionable and nonfissionable ores; colloidal
and other clay; steam and other geothermal resource; or any other substance defined
as a mineral by the law of New Mexico;

       (9)    "mineral proceeds" means amounts payable for the extraction, production
or sale of minerals, or, upon the abandonment of those payments, all payments that
become payable thereafter. The term includes amounts payable:

           (i) for the acquisition and retention of a mineral lease, including bonuses,
royalties, compensatory royalties, shut-in royalties, minimum royalties and delay rentals;

           (ii) for the extraction, production or sale of minerals, including net revenue
interests, royalties, overriding royalties, extraction payments and production payments;
and

        (iii) under an agreement or option, including a joint operating agreement, unit
agreement, pooling agreement and farm-out agreement;

       (10) "money order" includes an express money order and a personal money
order, on which the remitter is the purchaser. The term does not include a bank money
order or any other instrument sold by a financial organization if the seller has obtained
the name and address of the payee;

       (11) "owner" means a person who has a legal or equitable interest in property
subject to the Uniform Unclaimed Property Act (1995) or the person's legal
representative. The term includes a depositor in the case of a deposit, a beneficiary in
the case of a trust other than a deposit in trust and a creditor, claimant or payee in the
case of other property;

       (12) "person" means an individual; business association; financial organization;
estate; trust; government; governmental subdivision, agency, or instrumentality; or any
other legal or commercial entity;

      (13) "property" means tangible property described in Section 7-8A-3 NMSA
1978 or a fixed and certain interest in intangible property that is held, issued, or owed in
the course of a holder's business, or by a government, governmental subdivision,
agency, or instrumentality, and all income or increments therefrom, but excludes child,
spousal or medical support received by the child support enforcement division of the
human services department [health care authority department], the New Mexico IV-D
agency. The term includes property that is referred to as or evidenced by:

          (i) money, a check, draft, deposit, interest or dividend;

           (ii) credit balance, customer's overpayment, gift certificate, security deposit,
refund, credit memorandum, unpaid wage, unused ticket, mineral proceeds or
unidentified remittance;

          (iii) stock or other evidence of ownership of an interest in a business
association or financial organization;

          (iv) a bond, debenture, note or other evidence of indebtedness;

         (v) money deposited to redeem stocks, bonds, coupons or other securities or
to make distributions;

            (vi) an amount due and payable under the terms of an annuity or insurance
policy, including policies providing life insurance, property and casualty insurance,
workers' compensation insurance or health and disability insurance; and

          (vii)      an amount distributable from a trust or custodial fund established
under a plan to provide health, welfare, pension, vacation, severance, retirement, death,
stock purchase, profit sharing, employee savings, supplemental unemployment
insurance or similar benefits;

        (14) "record" means information that is inscribed on a tangible medium or that
is stored in an electronic or other medium and is retrievable in perceivable form;
        (15) "state" means a state of the United States, the District of Columbia, the
commonwealth of Puerto Rico or any territory or insular possession subject to the
jurisdiction of the United States; and

       (16) "utility" means a person who owns or operates for public use any plant,
equipment, real property, franchise, or license for the transmission of communications
or the production, storage, transmission, sale, delivery or furnishing of electricity, water,
steam or gas.

History: Laws 1997, ch. 25, § 1; 2003, ch. 283, § 1.

                                      ANNOTATIONS

Bracketed material. — The bracketed material was inserted by the compiler and is not
part of the law. Laws 2023, ch. 205, § 16 provided that references to the human
services department shall be deemed to be references to the health care authority
department.

The 2003 amendment, effective June 20, 2003, in Paragraph A(13), substituted
"Section 7-8A-3 NMSA 1978" for "Section 3 of the Uniform Unclaimed Property Act
(1995)" following "property described in", inserted "but excludes child, spousal or
medical support received by the child support enforcement division of the human
services department, the New Mexico IV-D agency" following "or increments therefrom".

Former act did not infringe banking laws or burden banks. — There is no unlawful
infringement on the national banking laws nor undue burden placed on the performance
of the bank's duties by the provisions of the former article. Clovis Nat'l Bank v.
Callaway, 1961-NMSC-129, 69 N.M. 119, 364 P.2d 748.

New Mexico’s act is fashioned on 1995 Uniform Unclaimed Property Act (1995
UPA), promulgated by the National Conference of Commissioners on Uniform State
Laws. Wilson v. Mass. Mut. Life Ins. Co., 2004-NMCA-051, 135 N.M. 506, 90 P.3d 525,
cert. denied, 2004-NMCERT-004, 135 N.M. 563, 91 P.3d 604, overruled on other
grounds by Schultz v. Pojoaque Tribal Police Dep't, 2010-NMSC-034, 148 N.M. 692,
242 P.3d 259.

Phrases "ordinary course of business" and "course of business" are
interchangeable. Wilson v. Mass. Mut. Life Ins. Co., 2004-NMCA-051, 135 N.M. 506,
90 P.3d 525, cert. denied, 2004-NMCERT-004, 135 N.M. 563, 91 P.3d 604, overruled
on other grounds by Schultz v. Pojoaque Tribal Police Dep't, 2010-NMSC-034, 148
N.M. 692, 242 P.3d 259.

Course of business means business practice that is routine, regular, usual, or
normally done. Wilson v. Mass. Mut. Life Ins. Co., 2004-NMCA-051, 135 N.M. 506, 90
P.3d 525, cert. denied, 2004-NMCERT-004, 135 N.M. 563, 91 P.3d 604, overruled on
other grounds, Schultz v. Pojoaque Tribal Police Dep't, 2010-NMSC-034, 148 N.M. 692,
242 P.3d 259.

State can compel surrender to it of deposit balances which have been abandoned
or forgotten. In doing so, constitutional requirements must be met and there must be no
violation of national banking laws. Clovis Nat'l Bank v. Callaway, 1961-NMSC-129, 69
N.M. 119, 364 P.2d 748.

There must be reasonable notice and opportunity to be heard before ownership
can be transferred to the state and the requirements of due process satisfied. Clovis
Nat'l Bank v. Callaway, 1961-NMSC-129, 69 N.M. 119, 364 P.2d 748.

Certificates awarded to insurance policyholders in class action settlement. —
Certificates being issued as part of class action settlement are not part of the insurance
company’s regular line of products; nor is the issuance of certificates a routine, usual, or
normal practice. Instead, they are being issued as a result of a one-time settlement.
Because they were not held, issued, or owed in the course of business, the certificates
do not meet the definition of property under the Act. Wilson v. Mass. Mut. Life Ins. Co.,
2004-NMCA-051, 135 N.M. 506, 90 P.3d 525, cert. denied, 2004-NMCERT-004, 135
N.M. 563, 91 P.3d 604, overruled on other grounds by Schultz v. Pojoaque Tribal Police
Dep't, 2010-NMSC-034, 148 N.M. 692, 242 P.3d 259.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 1 Am. Jur. 2d Abandoned, Lost, and
Unclaimed Property § 1 et seq.; 27 Am. Jur. 2d Escheat §§ 1 to 48.

Validity, construction, and application of lost or abandoned goods statutes, 23 A.L.R.4th
1025.

Modern status of rules as to ownership of treasure trove as between finder and owner of
property on which found, 61 A.L.R.4th 1180.

1 C.J.S. Abandonment §§ 1 to 12; 30A C.J.S. Escheat § 1 et seq.