It is against the public policy of this state to allow one spouse to obligate community property by entering into a contract of indemnity whereby he will indemnify a surety company in case of default of the principal upon a bond or undertaking issued in consideration of the contract of indemnity. No community property shall be liable for any indebtedness incurred as a result of any contract of indemnity made after the effective date of this section, unless both husband and wife sign the contract of indemnity.

History: 1953 Comp., § 57-4-10, enacted by Laws 1965, ch. 74, § 1.

Cross references. — For requirement of joinder of spouses for purposes of transfer, conveyance, mortgage and lease of community real property, see 40-3-13 NMSA 1978.

Applicability of section. — This section did not apply to bar an action on a promissory note brought by the promisee against the wives of the promisors, since the action was a simple suit on a note against the remaining members of the marital community and not a contract of indemnity. Lubbock Steel & Supply, Inc. v. Gomez, 1987-NMSC-025, 105 N.M. 516, 734 P.2d 756.

Law reviews. — For symposium, "The Effects of an Equal Rights Amendment on the New Mexico System of Community Property: Problems of Characterization, Management and Control," see 3 N.M.L. Rev. 11 (1973).

For article, "The Community Property Act of 1973: A Commentary and Quasi-Legislative History," see 5 N.M.L. Rev. 1 (1974).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Community Property §§ 77 to 80.

41 C.J.S. Husband and Wife §§ 164 to 166.