N.M. Admin. Code § 15.1.21.7

Current through Register Vol. 35, No. 21, November 5, 2024

Section 15.1.21.7 - DEFINITIONS

Unless otherwise defined below, terms used in this rule have the same meanings as set forth in the Gaming Control Act:

A. "control," when used as a noun, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person or to exercise significant influence over management and policies due to financial investment, assumption of debts or expenses, or other monetary or non-monetary considerations extended to the applicant or licensee; when used as a verb, "control" means to exert, directly or indirectly, such power, or to be in a position to exert such power.

B. "enforce a security interest" means to transfer possession of ownership or title pursuant to a security interest.

C. "gaming property collateral" means property subject to a security interest; gaming property collateral may include a security issued by a company licensee, a security issued by a holding company that is not a publicly traded corporation, or a security issued by a holding company that is a publicly traded corporation, if the enforcement of the security interest will result in the secured party's acquiring control over the holding company.

D. "license" means an authorization required by the board for engaging in gaming activities but does not include work permits or certifications of findings of suitability.

E. "secured party" means a person who is a lender, seller, or other person who holds a valid security interest.

F. "security" means any ownership right or creditor relationship; "security" includes:

(i) stock;

(ii) bonds;

(iii) membership in an incorporated association;

(iv) partnership interest in a general or limited partnership;

(v) debenture or other evidence of indebtedness;

(vi) investment contract;

(vii) voting trust certificate;

(viii) certificate of deposit for a security;

(ix) any other interest or instrument commonly known as a security;

(x) any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase any of the foregoing.

G. "security agreement" means an agreement that creates or provides a security interest.

H. "security interest" means an interest in property that secures the payment or performance of an obligation or judgment.

I. "State" means the State of New Mexico.

J. "this title" means Chapter 15, Part 1 of the New Mexico Administrative Code.

N.M. Admin. Code § 15.1.21.7

N, 4/30/99; 15.1.21.7 NMAC - Rn, 15 NMAC 1.21.7, 2/14/02