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§ 58-22-21.1 NMSA 1978

Suit to recover trust funds; attorney's fees authorized

Known as the Escrow Company Act

The act spans §§ 58–58 (36 sections).

1978 Comp., § 58-22-21.1, enacted by Laws 1985, ch. 219, § 1.

An escrow agent, in any action brought against a party to the escrow to recover trust funds disbursed by the escrow agent to or for the benefit of the party, or in reliance upon a check or draft issued by the party which is subsequently dishonored by the drawee, may recover, in addition to the amount so disbursed, a reasonable amount as attorney's fees and costs. Pending litigation, an escrow agent may retain possession of all escrowed documents until directed otherwise by a court of competent jurisdiction.

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.