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Section 6-8-23 - Compensation under contingent fee contracts; suspense fund created.

NM Stat § 6-8-23 (2019) (N/A)
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A. For the purpose of making disbursements and distributions pursuant to this section, the "state investment council suspense fund" is created in the state treasury.

B. When pursuing a claim and utilizing legal services on a contingent fee basis, all amounts received by the legal services contractor as satisfaction of the claim shall be transferred to the council and deposited into the state investment council suspense fund to the credit of the council. Upon the direction of the state investment officer, the contingent attorney fees due to the legal services contractor shall be disbursed from the suspense fund to the contractor.

C. After a disbursement to a contractor pursuant to Subsection B of this section, the balance of the deposit into the state investment council suspense fund shall be distributed to the appropriate permanent fund or other appropriate fund from which the loss occurred that originated the claim pursued by the legal services contractor.

History: Laws 2011, ch. 9, § 2.

Emergency clauses. — Laws 2011, ch. 9, § 4 contained an emergency clause and was approved March 17, 2011.

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