The assignee, his agent or attorney, at the time of the execution and delivery of the deed of assignment, shall make a statement in writing, verified by affidavit, setting forth the general nature and full value of the estate and effects assigned, which statement shall be filed with the deed of assignment for record, and the assignee shall, within five days after the filing of such statement, give bond with at least two good and sufficient securities to be approved by the court, or judge or clerk thereof in vacation, in double the amount of the estate and effects assigned, and if the appraised value of such estate and effects, when appraised, shall be greater than the value given in such statement, or if the securities in such should in any way become impaired or insufficient, the assignee shall, at the time of filing the appraisement, give another bond with at least two good and sufficient securities to be approved in like manner, in double the value of the estate and effects assigned.

History: Laws 1889, ch. 71, § 9; C.L. 1897, § 2835; Code 1915, § 291; C.S. 1929, § 7-118; 1941 Comp., § 23-118; 1953 Comp., § 27-1-18.

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

Compiler's notes. — Laws 1889, ch. 67, § 8, presently compiled as 56-9-8 NMSA 1978 also provides for assignee's bond. See the compiler's notes to 56-9-8 NMSA 1978.

Cross references. — For assignee's removal for failure to file inventory or bond, see 56-9-35, 56-9-36 NMSA 1978.

For the bond requirement for sale of realty, see 56-9-40 NMSA 1978.

For surety bonds generally, see Chapter 46, Article 6 NMSA 1978.

Assignee may amend bond to reflect appraisal lower than initial statement. — Where the assignee, after having declared in his preliminary statement a higher value of the property than the appraisal showed, he was properly permitted to correct the statement to accord with the value and to file bond for double the latter amount. Lyndonville Nat'l Bank v. Folsom, 1894-NMSC-016, 7 N.M. 611, 38 P. 253.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 105, 106; 12 Am. Jur. 2d Bonds § 57.

Right of assignee for creditors under indemnity insurance policy, 6 A.L.R. 1240.

Taking possession of goods by assignee of creditors of vendee as terminating right of stoppage in transitu, 7 A.L.R. 1411.

Assignee's right to possession and administration of collateral validly pledged by his insolvent, 28 A.L.R. 413.

6A C.J.S. Assignments for Benefit of Creditors § 79.