An escrow agent license is not transferable or assignable. The provisions of this section apply to the change of ownership of any licensed escrow company, including the change of control over any corporation licensed as an escrow company. For purposes of this section, "change of control" means the transfer of twenty-five percent or more of the outstanding voting stock of the corporation.
§ 58-22-16 NMSA 1978
Transferability
Known as the Escrow Company Act
The act spans §§ 58–58 (36 sections).
Laws 1983, ch. 135, § 16; 1987, ch. 120, § 4.
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.