It is against the public policy of this state to allow one spouse to obligate community property by entering into a contract of indemnity whereby he will indemnify a surety company in case of default of the principal upon a bond or undertaking issued in consideration of the contract of indemnity. No community property shall be liable for any indebtedness incurred as a result of any contract of indemnity made after the effective date of this section, unless both husband and wife sign the contract of indemnity.
§ 40-3-4 NMSA 1978
Contracts of indemnity; no obligation of community property unless signed by both husband and wife
Known as the Community Property Act
The act spans §§ 40–40 (19 sections).
1953 Comp., § 57-4-10, enacted by Laws 1965, ch. 74, § 1.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.