This section shall apply whenever the ownership of, or interest in, a certificate passes to another by operation of law, such as upon inheritance, bequest, order in bankruptcy or insolvency, execution sale, repossession upon default of a loan, lease or executory sales contract.

1. A. Notice: The personal representative, executor, administrator, receiver, trustee or other representative or successor in interest of the operating authority shall sign and submit to the department a notice of transfer by operation of law. The notice shall contain:

   1. (1) the name of the holder from whom the certificate is to be transferred;
   2. (2) the circumstances resulting in the transfer by operation of law; and
   3. (3) a certified copy of a court order or other document admissible pursuant to the New Mexico rules of evidence, establishing that the transfer by operation of law has occurred;
   4. (4) whether the successor intends to modify or continue operations under the certificate, or to voluntarily suspend or cancel the certificate.
2. B. Department approval required: The successor must apply for, and receive, department approval for any change to, or continued operations under, the certificate. Approvals may be expedited under Subsection C of Section 65-2A-14 NMSA 1978.

[18.3.8.8 NMAC - Rp, 18.3.8.8 NMAC, 7/1/2024]