§ RULE 1-102. DEPOSIT OF LITIGANT FUNDS

Codes > New Mexico Rules of Civil Procedure for the District Courts > Article 11 > RULE 1-102.

RULE 1-102. DEPOSIT OF LITIGANT FUNDS

A. Distinct Accounts. Litigant funds deposited with the district court shall be deposited in one or more accounts distinct from the court's general funds. Such funds shall be deposited in an interest bearing account appropriate for the type of deposit.

B. Interest Bearing Accounts. Funds deposited in an interest bearing account may be deposited only in a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings & Loan Insurance Corporation. To the extent that the amount of funds deposited in any such account exceeds the maximum insured amount such excess must be fully secured in the same manner as provided in Section 6-10-16 NMSA 1978 Comp.

C. Interest. Interest on deposits shall inure to the benefit of the person entitled to the principal only:

(1) in proceedings when a single deposit of twenty-five thousand dollars ($25,000) or more is made for a minimum period of thirty (30) days and the court, upon the request and stipulation of the parties, so orders; or

(2) an eminent domain proceeding when the applicable statute provides for investment at interest for the benefit of a party.

D. Records of Clerk. In any case in which interest is ordered to be paid to the litigant pursuant to Paragraph C of this rule, the clerk shall, before making payment, ascertain the amount of interest included in such payment and shall require the payee to furnish the payee's social security number or employer identification number, and the payee's mailing address. The clerk shall make and keep a record of the payee's name, number and mailing address and the amount of interest included in such payment.

E. Administrative Trust Account. Deposits other than those made pursuant to Subparagraph (1) or (2) of Paragraph C of this rule shall be made in a separate account designated the administrative trust account. The clerk shall distribute to the state treasurer interest earned on the administrative trust account within ten (10) days after receipt by the clerk of each monthly statement dealing with such account.