It is unlawful for a bank to receive any deposit while insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of such insolvency to receive or authorize the receipt of such deposit.

History: 1953 Comp., § 48-22-65, enacted by Laws 1963, ch. 305, § 65.

Insolvency essential element of offense. — It was held under former law that insolvency of the bank at the time of receiving the deposit is the essential element of the offense. State v. Nance, 1927-NMSC-004, 32 N.M. 158, 252 P. 1002.

Depositor's claim without preference. — While Laws 1915, ch. 67, § 41, gives a depositor a right of action to recover deposits accepted by an insolvent bank, it does not give the depositor's claim preference over other claims. Jameson v. First Sav. Bank & Trust Co., 1935-NMSC-084, 39 N.M. 545, 51 P.2d 607 (decided under former law).

Sufficiency of indictment. — It was held under former law that the indictment alleging that defendant received a deposit "then and there having knowledge of the fact that such bank was insolvent" is sufficient. State v. Nance, 1927-NMSC-004, 32 N.M. 158, 252 P. 1002.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 198, 242.

Constitutionality of statute making failure of bank prima facie evidence of knowledge of insolvency at time of receipt of deposits, 51 A.L.R. 1154, 86 A.L.R. 179, 162 A.L.R. 495.

Constitutionality of statute rendering officers or directors of bank criminally liable for receiving deposit after insolvency, 76 A.L.R. 530.

What amounts to a deposit within statute in relation to civil or criminal liability for accepting deposit when bank is unsafe or insolvent, 76 A.L.R. 1320.

When limitation commences to run against action to enforce personal liability of bank officers or directors for receiving deposits after knowledge of bank's unsafe condition, 78 A.L.R. 897.

Sufficiency of evidence to show defendant's knowledge of bank's insolvency in prosecution for receiving deposits knowing bank insolvent, 87 A.L.R. 504.

Civil liability of bank officer or director permitting deposit after insolvency of bank, 87 A.L.R. 1402.

Negligence in failing to discover insolvency of bank as equivalent of knowledge, or substitute therefor, as regards criminal responsibility of bank officer or employee for receiving deposit after insolvency, 98 A.L.R. 615.

Statute as to taking deposit when insolvent as special or class legislation, or as denying equal protection of laws, 111 A.L.R. 144.

9 C.J.S. Banks and Banking § 740 et seq.