N.M. Stat. § 6-10-22
for deposits; liability for loss.
The state treasurer or any board of finance or the secretary or treasurer of any board
of finance charged with the custody of any bonds or securities mentioned in Section 6-
10-21 NMSA 1978 who complies with the requirements of the state board of finance
with respect to the safekeeping of any bonds or securities shall not be liable for the loss
of those bonds or securities except in cases where the loss is due to his willful act or
might have been avoided by reasonable care on his part.