If the tax imposed by Title IX of the federal Social Security Act or any amendments thereto, or any other federal tax against which contributions under the Unemployment Compensation Law may be credited shall be amended or repealed by congress or held unconstitutional by the supreme court of the United States, with the result that no portion of the contributions required under that act may be credited against such federal tax, then that act by virtue of that fact, shall be suspended until the legislature shall meet and take action relative thereto, and any unobligated funds in the unemployment compensation fund, and returned by the United States treasurer because such federal Social Security Act is inoperative, shall be held in custody by the state treasurer under supervision of the secretary until the legislature shall provide for the disposition thereof.

History: Laws 1936 (S.S.), ch. 1, § 22; 1941 Comp., § 57-826; 1953 Comp., § 59-9-27; Laws 1979, ch. 280, § 51.

Cross references. — For rules governing garnishment and writs of execution in the district, magistrate and metropolitan courts, see Rules 1-065.1, 2-801, and 3-801 NMRA, respectively.

For form for claim of exemptions on executions, see Rule 4-803 NMRA.

For form for order on claim of exemption and order to pay in execution proceedings, see Rule 4-804 NMRA.

For form for application for writ of garnishment and affidavit, see Rule 4-805 NMRA.

For form for notice of right to claim exemptions from execution, see Rule 4-808A NMRA.

For form for claim of exemption from garnishment, see Rule 4-809 NMRA.

For Title IX of the federal Social Security Act, see 42 U.S.C. § 1101 et seq.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 76 Am. Jur. 2d Unemployment Compensation § 3.