N.M. Stat. § 42-10-5 : — ACTIONS AND PROCEEDINGS RELATING TO PROPERTYEXEMPTIONS —10-5 - Life insurance proceeds TEXT PDF The proceeds of any life insurance are not subject to the debts of the deceased, except by special contract or arrangement, to be made in writing. NMS § 42-10-5 C.L. 1884, § 1422, substituted by Laws 1889, ch. 90, § 21; C.L. 1897, § 2042; Code 1915, § 2316; C.S. 1929, § 48-106; 1941 Comp., § 21-505; 1953 Comp., § 24-5-5.