Assignment Of Cash Collateral Form - 2014

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ASSIGNMENT OF CASH COLLATERAL
(MUST BE A FEDERALLY-INSURED BANK OR SAVINGS INSTITUION WITH THE STATE OF
NEW MEXICO)
Dated ___________________________________
Pursuant to the terms of Sand & Gravel lease(s), New Mexico State Land Office 19.2.5 NMAC
and Section 19-8-24, NMSA 1978 (1989 com.sup.)
______________________________________________________________________________________
"Lessee"
of
______________________________________________________________________________________
(address)
has deposited with the
______________________________________________________________________________________
(Name of State or National Bank or Savings Association)
of
______________________________________________________________________________________
(address) "Financial Institution" and "Trustee"
the sum of $ _________dollars in Certificate of Deposit or Savings Account No.
______________. Lessee 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. Lessee 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 and Minerals Division to be entitled
thereto, including the New Mexico State Land Office itself, in amounts determined by
the Division, or to the Lessee upon proper reclamation and restoration of the area
covered by this bond.
b. Lessee 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 Oil, Gas
and Minerals 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 the 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.
Lessee agrees that the Financial Institution may deduct from interest due Lessee any attorney
fees incurred by the Financial Institution if any claim or demand vial writ, summons or other
process arising from Lessee’s business is made upon the Financial Institution.
___________________________________________
Name of Institution
________________________________
BY:______________________________________
Signature of Lessee
Signature of Authorized
Personally or Authorized
Officer of Financial
Officer
Institution
Note: When you provide a check as payment, you authorize the State of New Mexico to either use information from your check to make
a one-time electronic fund transfer from your account or to process the payment as a check transaction. Please be advised that payments
will be drafted from your account immediately upon receipt.
Rev 12-22-2014

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