No suit, action or proceeding at law or equity, for the recovery of judgment upon, or the enforcement or collection of, any bond of any county, city, town, school district or other municipality in this state, or upon any coupon thereto attached, shall be commenced except within ten years next after the date of the maturity of such bond or coupon, and all such suits or action not so commenced shall be forever barred.

History: Laws 1907, ch. 68, § 1; Code 1915, § 3362; C.S. 1929, § 83-117; 1941 Comp., § 27-123; 1953 Comp., § 23-1-24.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Compiler's notes. — The New Mexico Rules of Civil Procedure, applicable to all civil suits cognizable at law or in equity, provide for only one form of action, known as "civil action." See Rules 1-001 and 1-002 NMRA.

Cross references. — For the Public Securities Limitation of Action Act, see 6-14-4 NMSA 1978.

Limitations start running on interest coupons from coupons' maturity date rather than from the date of maturity of the bonds for which they represent interest payments. 1944 Op. Att'y Gen. No. 44-4570.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 12 Am. Jur. 2d Bonds §§ 75 to 79; 51 Am. Jur. 2d Limitation of Actions § 24; 64 Am. Jur. 2d Public Securities and Obligations §§ 500 to 505.

Statute of limitations applicable to coupons detached from bonds or other instruments, 62 A.L.R. 270.

Inclusion or exclusion of first and last day for purposes of statute of limitations, 20 A.L.R.2d 1249.

Entry or endorsement by creditor on note, bond or other obligation as evidence of part payment which will toll the statute of limitations, 23 A.L.R.2d 1331.

Estoppel to rely on statute of limitations, 24 A.L.R.2d 1413.

When limitations begin to run against actions on public securities or obligations to be paid out of a special or particular fund, 50 A.L.R.2d 271.

20 C.J.S. Counties § 259; 64 C.J.S. Municipal Corporations § 1973; 79 C.J.S. Schools and School Districts § 375.