summary
Introduced
01/30/2024
01/30/2024
In Committee
Crossed Over
Passed
Dead
01/30/2024
01/30/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO ATTORNEY REGULATION; DIRECTING PROCEEDS OF LEGAL ACTIONS UNDER THE FEDERAL HERMIT'S PEAK/CALF CANYON FIRE ASSISTANCE ACT TO ATTORNEY INTEREST ON LAWYERS' TRUST ACCOUNTS; DECLARING THAT FUNDS FROM THE SETTLEMENT OF LEGAL ACTIONS UNDER THE FEDERAL HERMIT'S PEAK/CALF CANYON FIRE ASSISTANCE ACT IN ATTORNEY INTEREST ON LAWYERS' TRUST ACCOUNTS ARE NOT ASSIGNMENTS.
AI Summary
This bill directs any funds obtained through legal actions under the federal Hermit's Peak/Calf Canyon Fire Assistance Act, where the prevailing party is represented by an attorney, to be deposited into the attorney's interest on lawyers' trust account. This means that the funds are not considered "assignments" as defined in the United States Code, which could have tax or other implications. The purpose of this bill is to ensure that the funds from these legal actions go directly to the attorneys representing the prevailing parties or claimants, rather than being treated as assignments.
Sponsors (3)
Last Action
Action Postponed Indefinitely (on 01/30/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=12&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/house/HB0012.pdf |
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