A person having a claim under any other title insurance policy that is not an insolvent insurer's policy, which is also a covered claim, shall first exhaust his rights under such other title insurance policy. An amount payable for a covered claim shall be reduced by the amount of any recovery under such other title insurance policy.
§ 59A-30A-11 NMSA 1978
Nonduplication of recovery
Known as the Title Insurance Guaranty Act
The act spans §§ 59–59 (18 sections).
Laws 1999, ch. 60, § 11.
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.