Assignment Of Cash Collateral Form - 2004
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2ASSIGNMENT OF CASH COLLATERAL
(Must be a federally insured bank or savings institution within the State of New Mexico.)
New Mexico State Land Office – Oil, Gas, and Minerals Division
ONLINE Version
Dated _________________
Pursuant to the terms of Oil and Gas lease(s) and New Mexico State Land Office Rule 100.23, or successor
provisions, ___________________________________________________________Operator
(NAME OF OPERATOR)
of _________________________________________________________________________has deposited
( ADDRESS)
with the______________________________________________________________Financial Institution
(NAME OF STATE OR NATIONAL BANK OR SAVINGS ASSN)
of______________________________________________________________________________
(ADDRESS)
the sum of $ ______________________________________in Certificate of Deposit or Savings Account
Number _______________________________. Operator hereby assigns and conveys all right, title, and
interest in the deposited sum to the Financial Institution in trust for the State of New Mexico. Operator and
Financial Institution agree that as to the deposited sum or fund:
a.
The New Mexico State Land Office acquires by this assignment the entire beneficial interest in the
fund, with the right to order the trustee in writing to distribute the fund to the person(s) determined by
the Oil, Gas, & Minerals Division of the New Mexico State Land Office to be entitled thereto,
including the New Mexico State Land office itself, in amounts determined by the Division, or to the
Operator upon proper reclamation and restoration of the area covered by this bond.
b.
Operator retains no legal or beneficial interest in the fund and has only the right to interest, if any,
thereon, and to return of the fund upon written order of the Division.
c.
The Financial Institution agrees that the fund may not be assigned, transferred, pledged, or distributed
except upon written order of the New Mexico State Land Office or a court of competent jurisdiction
made in a proceeding in which New Mexico State Land Office is a party. The Financial Institution
waives all statutory or common law liens or rights of set-off against the fund.
Operator agrees that the Financial Institution may deduct from interest due Operator any attorney fees incurred
by the Financial Institution if any claim or demand via writ, summons or other process arising from Operator's
business is made upon the Financial Institution.
Operator
Financial Institution
_______________________________________
_____________________________________
(Name of Operator)
(Name of Institution)
By: ___________________________________
By: ___________________________________
(Signature of Officer)
(Signature of Authorized Officer)
its_____________________________________
its ___________________________________
(Officer's Title)
(Officer's Title)
Acknowledgments – printed names – on following page.
1
Revised October 2004
Online Version – Cash collateral
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