Company went out of business so I filed a claim on the bond
Feb 9, 2018
It's hard to answer this question without a little more context - particularly, whether the bond claim mentioned above is a payment bond claim and whether the project in question is public or private. However, both the New Mexico lien statute and Little Miller statute are silent as to the timeframe during which a surety must make payment. Likely, that timeframe will be subject to the terms of the actual bond. However, at least for public projects in New Mexico, a claimant will have 1 year from the completion of work to file an action against the bond after a claim has been made. Keep in mind, though, notice of suit filing must be sent 30 days prior to an action against the bond. Such notice will not extend the time period for filing, either. So if the surety still hasn't made payment and the deadline for sending notice is getting close, those extra steps may need to be taken to preserve a claim.