N.M. Stat. § 37-1-8
Actions against sureties on fiduciary bonds; injuries to
person or reputation.
Actions must be brought against sureties on official bonds and on bonds of
guardians, conservators, personal representatives and persons acting in a fiduciary
capacity, within two years after the liability of the principal or the person for whom they
are sureties is finally established or determined by a judgment or decree of the court,
and for an injury to the person or reputation of any person, within three years.