N.M. Admin. Code § 18.3.8.8

Current through Register Vol. 35, No. 24, December 23, 2024

Section 18.3.8.8 - CERTIFICATE CHANGE FOLLOWING A TRANSFER BY OPERATION OF LAW

This section shall apply whenever the ownership of, or interest in, a certificate passes to another by operation of law, such as upon inheritance, bequest, order in bankruptcy or insolvency, execution sale, repossession upon default of a loan, lease or executory sales contract.

A. Notice: The personal representative, executor, administrator, receiver, trustee or other representative or successor in interest of the operating authority shall sign and submit to the department a notice of transfer by operation of law. The notice shall contain:

(1) the name of the holder from whom the certificate is to be transferred;

(2) the circumstances resulting in the transfer by operation of law; and

(3) a certified copy of a court order or other document admissible pursuant to the New Mexico rules of evidence, establishing that the transfer by operation of law has occurred;

(4) whether the successor intends to modify or continue operations under the certificate, or to voluntarily suspend or cancel the certificate.

B. Department approval required: The successor must apply for, and receive, department approval for any change to, or continued operations under, the certificate. Approvals may be expedited under Subsection C of Section 65-2A-14 NMSA 1978.

N.M. Admin. Code § 18.3.8.8

18.3.8.8 NMAC - Rp, 18.3.8.8 NMAC, 1-1-05, Amended by New Mexico Register, Volume XXVI, Issue 03 February 13, 2015, eff. 2/13/2015, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024