Rule 1-102 NMRA. — Deposit of litigant funds.

A. Distinct accounts. Litigant funds deposited with the district court shall be deposited by the court within two (2) business days of receipt in one or more trust fund checking accounts in a bank that is a member of the Federal Deposit Insurance Corporation distinct from the court's accounts for general funds.

B. Interest bearing accounts. Funds deposited in a trust fund checking account under Paragraph A of this rule shall be invested in accordance with Section 34-6-36 NMSA 1978 in obligations of the United States or in an interest bearing account in a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings & Loan Insurance Corporation, as may be prescribed by regulation of the Director of the Administrative Office of the Courts. To the extent that the funds are deposited with the court in accordance with Section 42A-1-19 NMSA 1978, the funds shall be invested by the court clerk in federal securities or in federally-insured interest bearing accounts in a financial institution located within the court's judicial district.

C. Interest. Interest on deposits shall inure to the benefit of the person entitled to the principal only as follows:

(1) in proceedings if a single deposit of twenty-five thousand dollars ($25,000) or more is made for a minimum period of thirty (30) days and the court, on the request and stipulation of the parties, so orders; or

(2) in an eminent domain proceeding if the applicable statute provides for investment at interest for the benefit of a party.

D. Records of clerk. In any case in which interest is ordered to be paid under Paragraph C of this rule, the clerk shall, before making payment, ascertain the amount of interest included in the payment and shall require the payee to furnish a completed Form W-9 (Request for Taxpayer Identification Number and Certification) providing the payee's name, mailing address, and taxpayer identification number. The clerk shall make and keep a record of the payee's name, mailing address, taxpayer identification number, and the amount of interest included in the payment.

E. Administrative trust account. Deposits other than those made under Subparagraph (C)(1) or (C)(2) of this rule shall be made in a separate account designated the administrative trust account. The clerk shall distribute to the state treasurer interest earned on the administrative trust account within ten (10) days after receipt by the clerk of each monthly statement dealing with the account.

[As amended by Supreme Court Order No. 21-8300-018, effective for all cases pending or filed on or after December 31, 2021.]