Section 21-21A-13 - All money received deemed trust funds.
21-21A-13. All money received deemed trust funds.
Notwithstanding any other provisions of law, all money received by the foundation under the provision of the Educational Assistance Act [21-21A-1 NMSA 1978] shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of the money may be temporarily invested pending the disbursement thereof, and shall provide that any officer with whom or any bank or trust company with which the money is deposited shall act as trustee of the money and shall hold and apply the money for the purposes of the Educational Assistance Act, subject to such regulations as that act and the resolution or trust agreement may provide. Any such money or any other money of the foundation may be invested as provided in that act.