Section 48-10-6 - Trustee of deed of trust; qualification. - New Mexico Statutes

48-10-6. Trustee of deed of trust; qualification.

A.     Except as provided in Subsection B of this section, the trustee of a deed of trust shall be:   

(1)     an organization doing business under the laws of New Mexico as a bank, trust company, savings and loan association, escrow company or title insurance company including an agent or underwriter;   

(2)     an individual who is a member of the state bar of New Mexico;   

(3)     an organization which is licensed, chartered or regulated by the federal deposit insurance corporation, the comptroller of the currency, the federal savings and loan insurance corporation, the federal home loan bank, the bureau of federal credit unions or any successors; or   

(4)     the parent corporation of any association or corporation referred to in this subsection or any subsidiary corporation all the stock of which is owned by or held solely for the benefit of any such association or corporation referred to in this subsection.   

B.     No trustee of a deed of trust or parent corporation or subsidiary corporation of a corporate trustee which is a trustee of a deed of trust shall be the beneficiary of the deed of trust.