Bankruptcy Exemption Citations
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← New Mexico Personal Property Exemptions

Exemption: Cooperative association shares, minimum amount needed to be member

Citation: Stat. - N.M. Stat. Ann. § 53-4-28

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N.M. Stat. Ann. § 53-4-28 :
Article 4. Cooperative Association Act

� 53-4-28. Share and membership certificates, attachment

The holdings of any member of an association, to the extent of the minimum amount necessary for membership, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subject to such liability, the directors of the association may either admit the purchaser thereof to membership, or may, if and when there are sufficient surplus funds, purchase from him such holdings at par value.
Last Amended: 1953
1953
History: Laws 1939, ch. 164, § 28; 1941 Comp., § 54-1428; 1953 Comp., § 51-15-28.
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