The holdings of any member of an association, to the extent of the minimum amount necessary for membership, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subject to such liability, the directors of the association may either admit the purchaser thereof to membership, or may, if and when there are sufficient surplus funds, purchase from him such holdings at par value.
History: Laws 1939, ch. 164, § 28; 1941 Comp., § 54-1428; 1953 Comp., § 51-15-28.
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.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 C.J.S. Industrial Cooperative Societies § 10.
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