N.M. Code R. § 12.11.12.10

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.11.12.10 - SECTION 58-13C-202K-TRANSACTIONS IN SECURED DEBT INSTRUMENTS

A. The exemption provided in Section 58-13C-202 K is not available for any transaction in which the evidence of indebtedness, regardless of form, is offered or sold to more than one investor. Transactions fractionalizing, serializing, or forming partnerships, corporations, or other associations solely for the purpose of acquiring evidence of indebtedness will not qualify for the exemption.

B. For purposes of Subsection A of this section:

(1) a husband, wife and minor children of either spouse, or any two or more of them, residing in the same household shall count as one investor; and

(2) a limited partnership, limited liability company, trust, corporation or limited liability partnership shall count as one investor if it was not formed for the purpose of investing or trading in the securities of the issuer claiming this exemption and such entity has substantial other business or investments; an industrial revenue bond that is sold to an affiliate of the entity on whose behalf the bond was issued shall count as one investor provided that such affiliate is wholly owned, directly or indirectly, by the entity on whose behalf the bond was issued or its parent company.

N.M. Code R. § 12.11.12.10

12.11.12.10 NMAC - Rp, 12.11.12.12 NMAC, 1-1-2010