Attorney General Opinions and Advisory Letters

Decision Information

Opinion No. 66-145

Collection Attorney General Opinions and Advisory Letters
Date 12/27/1966
File Number 1966 Op. Att'y Gen. No. 66-145

Decision Content

Opinion No. 66-145

December 27, 1966

BY: OPINION OF BOSTON E. WITT, Attorney General George Richard Schmitt, Assistant Attorney General

TO: Honorable Morris Stagner, District Attorney, Ninth Judicial District, County Courthouse, Clovis, New Mexico

QUESTION

QUESTION

Are Farmers Home Administration loans qualified to secure public deposits in the banks of this State?

CONCLUSION

Yes.

OPINION

{*188} ANALYSIS

Section 11-2-18, N.M.S.A., 1953 Compilation, as amended, expressly provides for the types of securities that may be used as a pledge for public funds which are deposited in the banks of this State. This statute expressly includes "bonds or securities guaranteed by the United States. . . ."

An examination of the loans in question reveals such loans to be fully insured "by the full faith and credit of the United States of America pursuant to such statutes", (See FHA Insurance Endorsement Form FHA 440-30). Thus, any Farmers Home Administration loan which is fully guaranteed by the Federal Government would qualify as a proper security for public funds which are deposited in banks of this state.

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