Burden of Proof
Provides that any person claiming an exemption from registration or an exception, preemption or exclusion from provisions of the New Mexico Uniform Securities Act has the burden to prove the applicability of the claim. This applies whether or not a filing is required for an exemption or federal covered security. For the self-executing exemptions or preemptions not requiring a notice filing, persons claiming exemption or preemption are expected to have sufficient records to demonstrate compliance with requirements or conditions of statutes or regulations, if challenged by anyone. To see the specific statute please click NMSA 58-13C-503.