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Legislative updates

Senate Bill 202, effective July 1, 2021, provides that the articles of incorporation of a business, nonprofit or foreign corporation and articles of organization of an LLC must contain the name under which the corporation or LLC transacts business if different from its official name.

Senate Bill 202, effective July 1, 2021, amends the Corporations title by authorizing registration of alternate names by business and nonprofit corporations and LLCs.

House Bill 66, effective June 18, 2021, amends Article 9 of New Mexico’s UCC law to add definitions of “good faith” and “public finance transactions.”

Executive Order 2020-24 preempts specified statutory sections in ordering that shareholder meetings of business corporations or member meetings of nonprofit corporations which are scheduled to be held during June of 2020, be held by remote participation as virtual meetings, if the meeting would bring five or more persons together.

Case summaries

Suit by Administratively Dissolved Corporation
Reynolds v. Landau, No. A-1-CA-37135, decided April 21, 2020.The New Mexico Court of Appeals held that a corporation that had been administratively dissolved ten years before filing a suit to foreclose on a mortgage could maintain the suit. The New Mexico corporation law does not have a time limit in which a dissolved corporation may file a suit on a claim existing before it was dissolved and it is not for the court to second guess the legislature.

Other notices

There are no new notices at this time.