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Section 59A-41-43.2 - Liability for participation in fraudulent transfer or voidable preference.

NM Stat § 59A-41-43.2 (2019) (N/A)
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A. Every officer, manager, employee, shareholder, member, subscriber, attorney or any other person acting on behalf of the insurer who knowingly participates in giving any preference or in any fraudulent transfer when he has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference or transfer shall be personally liable to the rehabilitator or liquidator for the amount of the preference or transfer. It shall be a rebuttable presumption that such was the case if the transfer was made within four months before the date of filing of a successful petition for rehabilitation or liquidation.

B. Every person receiving any property from the insurer or the benefit thereof as a voidable preference or as a fraudulent transfer shall be personally liable therefor and shall be bound to account to the rehabilitator or liquidator.

C. Nothing in this section shall prejudice any other claim by the rehabilitator or liquidator against any person.

History: 1978 Comp., § 59A-41-43.2, enacted by Laws 1993, ch. 320, § 95.

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Section 59A-41-43.1 - Voidable preferences and liens.
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Section 59A-41-43.3 - Claims of holders of void or voidable rights.