2nmcla - Application For New Mexico Contractor'S License (Page 6 of 6) in pdf

Assignment of Cash Collateral Deposit

Date_______________________

Pursuant to Section 60-13-49.B.2., NMSA 1978, or successor provisions,_____________________________________

(Name under w hich license is to be issued)

(herein termed Licensee) has deposited with_________________________________________________________

(Name of Bank, Savings & Loan, Credit Union, or National Bank)

at__________________________________________________________________(Herein termed Financial Institution),

(Address)

the sum of $_______________________in savings account No.________________________. Licensee assigns and conveys all

right, title and interest in the deposited fund sum to the Financial Institution in trust for the Construction Industries Division, or

successor agency of the state of New Mexico. Licensee and the Financial Institution agree that as to the deposited sum or

fund:

a. The Construction Industries Division acquires by this assignment the entire beneficial interest in the fund, w ith the right to order the

trustee in w riting to distrubute the fund to persons determined by the Division to be entitled there to in amounts determined by the Division, or to Liicensee

under the Construction Industries Licensing Act and New Mexico Administrative Code pursuant to the Act.

b. The Licensee retains no legal or beneficial interest in the fund and has only the statutory right to interset, if any, thereon, and to return

the fund upon w ritten order of the Division.

c. The Financial Institution agrees that the fund may be assigned, transferred, pledged or distributed only upon w ritten order of the

Division or a court of competent jurisdiction made in a proceeding in w hich the Division is a party. The Financial Institution w aives all statutory or common

law liens or rights of set-off against the fund.

Licensee agrees that the Financial Institution may deduct from interest due licensee any attorney fees incurred by the Financial Institution if claim or

demand via w rit, summons or other process arising from Licensee's business as a contractor is made upon the Financial Institution.

___________________________________

__________________________________

Signature of Principal

Signature of Financial Institution Officer

(Corporate Officer, Ow ner or Partner)

____________________________________________

Bank Officer's Title

SEAL

____________________________________________

Bank Telephone Number

Subscribed and Sworn to before me this___________________________Day of_____________________,20________