Chapter 48 — Chapter 48

It shall be the duty of the officer to whom such warrant is directed to seize the property of such tenant, or so much thereof as shall be of value sufficient to satisfy such debts and costs, and the same in his possession safely keep, unless the same is replevied as herein provid…

The defendant shall have the right at any time within ten days from the date of said levy to replevy the property seized, by giving bond payable to the plaintiff, with two or more good and sufficient sureties in double the amount of the debt, or, at his election, for the value of…

In the absence of stipulation to the contrary, the mortgagor of real poperty [property] shall have the right of possession. History: Laws 1876, ch. 36, § 8; C.L. 1884, § 1593; C.L. 1897, § 2365; Code 1915, § 571; 1941 Comp., § 63-401; 1953 Comp., § 61-7-1; Laws 1961, ch. 96, § 11…

Where there is a mortgage of a single family residence securing a loan and where there are no federal regulations to the contrary, the mortgagor may require the proceeds of any insurance policy, which are payable by reason of damage to or destruction of the mortgaged property and…

History: Laws 2003, ch. 200, § 1; 2005, ch. 191, § 4; repealed by Laws 2005, ch. 191, § 4.

A. The legislature finds that the congress of the United States by an act entitled the Garn - St. Germain Depository Institutions Act of 1982 has preempted New Mexico law restricting the enforcement of due-on-sale clauses, except as provided in Section 341(c)(1) of that act as to…

As used in this act [48-7-15 to 48-7-24 NMSA 1978]: A. "due-on-sale clause" means a provision in a contract involving a real property loan which authorizes a lender, at its option, to accelerate an indebtedness and declare due and payable sums secured by the lender's security ins…

Notwithstanding any provision of the statutory or common laws of this state to the contrary, a lender may enter into or enforce a contract containing a due-on-sale clause with respect to a real property loan, except as provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of …

Except as otherwise provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of this act, the exercise by the lender of its option pursuant to a due-on-sale clause shall be exclusively governed by the terms of the loan contract, and all rights and remedies of the lender and the …

clauses. A. In the exercise of its options under a due-on-sale clause, in a real property loan made or assumed between March 15, 1979 and October 15, 1982, a lender shall be prohibited from accelerating the indebtedness and declaring the loan due and payable and shall be limited …

History: Laws 1927, ch. 43, § 1; C.S. 1929, § 117-201; 1941 Comp., § 63-402; 1953 Comp., § 61-7-2; repealed by Laws 2009, ch. 234, § 18.

A lender may not exercise its option pursuant to a due-on-sale clause upon: A. the creation of a lien or other encumbrance subordinate to the lender's security instrument which does not relate to a transfer of rights of occupancy in the property; B. the creation of a purchase mon…

Any lender who feels the security interest is endangered by the transfer of a real property loan may proceed by foreclosure; provided that the lender shall, as a condition to such foreclosure, prove that the security interest in the property would be substantially impaired. Histo…

In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to …

The provisions of Section 5 [48-7-19 NMSA 1978] of this act shall not apply to the transfer of a real property loan where the funds for the real property loans were provided through the issuance by a governmental entity or instrumentality of bonds the interest on which is exempt …

Attorney's fees shall be awarded to the prevailing party in any action brought under this act [48-7-15 to 48-7-24 NMSA 1978]. History: Laws 1983, ch. 314, § 10.

History: Laws 1927, ch. 43, § 2; C.S. 1929, § 117-202; 1941 Comp., § 63-403; 1953 Comp., § 61-7-3; repealed by Laws 2009, ch. 234, § 18.

A. When any debt or evidence of debt secured by a mortgage or deed of trust upon any real estate in the state has been fully satisfied, it is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction of …

insurer. A. If, within ninety days after full satisfaction of a debt or evidence of debt secured by a mortgage or deed of trust upon any real estate, evidence of the full satisfaction has not been recorded pursuant to the provisions of Section 48-7-4 NMSA 1978, a title insurer ma…

Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-fi…

mortgagee.] When the mortgagee of any land or tenements shall die leaving minor heirs, the executors or administrators of such mortgagee shall be and are hereby authorized, on receiving the amount due the estate of such deceased mortgage [mortgagee], to release to the mortgagor t…

agrees. Except as specifically provided in the Deed of Trust Act [48-10-1 to 48-10-21 NMSA 1978], no real property or any interest in it shall be sold under any power of sale contained in any mortgage, mortgage deed, trust deed or any other written instrument having the effect of…

A. A monthly charge may be held in escrow by a mortgagee for the payment of taxes, insurance premiums and other charges required by the terms of a mortgage subject to the restrictions in Subsection B of this section. B. Any balance in the escrow fund, exceeding two months' total …

Every mortgage or other instrument securing a loan upon real estate and constituting a lien, or the full equivalent thereof, upon the real estate securing such loan, may secure future advances and the lien of such mortgage shall attach upon its execution and have priority from th…

creation; exception. A. Every hospital located within the state that furnishes emergency, medical or other service to any patient injured by reason of an accident not covered by the state workmen's compensation laws is entitled to assert a lien upon that part of the judgment, set…

No hospital lien is effective upon damages recovered for personal injuries unless: A. a written notice is filed in the office of the county clerk of the county in which the hospital asserting the lien is located containing the following information: (1) an itemized statement of a…

A. Any person, firm or corporation, including an insurance carrier, making any payment to a patient or to his attorney, heirs or legal representative as compensation for the injury sustained, after the filing and receipt of written notice of the lien, as aforesaid, and without pa…

Every county clerk shall maintain a proper index of all hospital liens under the name of the injured person. History: 1953 Comp., § 61-9-4, enacted by Laws 1961, ch. 227, § 4; 1995, ch. 78, § 1.

The hospital shall, upon receipt of payment of the lien or the part recoverable under the lien, execute and file, at the expense of the hospital, a release of lien. History: 1953 Comp., § 61-9-5, enacted by Laws 1961, ch. 227, § 5.

ANNOTATIONS Repeals. — Laws 1995, ch. 78, § 2 repealed 48-8-6 NMSA 1978, as enacted by Laws 1961, ch. 227 § 6, relating to entering and filing a hospital lien, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.

Nothing in this act [48-8-1 to 48-8-7 NMSA 1978] shall be construed to permit any hospital to be a party to or to have any interest in the amount or manner of any settlement of any claim on which a lien has been filed other than the lien rights as provided in this act. History: 1…

Sections 48-9-1 through 48-9-8 NMSA 1978 may be cited as the "Oil and Gas Products Lien Act." History: 1953 Comp., § 61-10-1, enacted by Laws 1973, ch. 100, § 1.

As used in the Oil and Gas Products Lien Act: A. "commission" means the oil and gas accounting commission [oil and gas accounting division of the taxation and revenue department]; B. "product" or "products" means severed oil, natural gas, liquid hydrocarbons, individually or in a…

A. To secure payment from the first purchaser of the purchase price of the product, state royalty and all taxes which are required to be or are withheld and paid or to be paid by the first purchaser, an interest owner, subject to Section 48-9-5 NMSA 1978, shall have a continuing …

The validity of the purchase money security interest and lien granted to an interest owner under the provisions of the Oil and Gas Products Lien Act shall not be dependent upon possession of the product by an interest owner or operator and no such purchase money security interest…

A. If the purchase price for products, state royalty and the taxes which are required to be or are withheld and paid or to be paid are not paid to the person entitled to receive payment therefor after fifteen days and within forty-five days after payment is due by terms of agreem…

security. A. Neither the provisions of the Oil and Gas Products Lien Act nor the filing of any instrument permitted under that act shall affect the time at which legal title to the products from a production unit may pass from an interest owner or operator to a purchaser by agree…

A. The purchase money security interest and lien granted to an interest owner under the provisions of the Oil and Gas Products Lien Act shall follow the product unpaid for or the proceeds of the product if such product has been sold by the first purchaser and the purchase money s…

A. Liens or claims for taxes measured by the value of product and royalty payments due the state, whether under the Oil and Gas Products Lien Act or other acts, shall have a first, superior and paramount priority. The purchase money security interest and lien provided by the Oil …

Sections 1 through 21 [48-10-1 to 48-10-21 NMSA 1978] of this act may be cited as the "Deed of Trust Act". History: Laws 1987, ch. 61, § 1.

deed of trust. A. By virtue of the trustee's position, a power of sale is conferred upon the trustee of a deed of trust under which the trust real estate may be sold as provided in the Deed of Trust Act after a breach or default in performance of the contract for which the trust …

A. The trustee shall give written notice of the time and place of sale, legally describing the trust real estate to be sold, by each of the following methods: (1) publication of the notice as provided by law for foreclosure of mortgages on real estate; (2) recording of the notice…

beneficiary. A. A person desiring a copy of a notice of sale as provided in a deed of trust shall, at any time after the recording of the deed of trust and before the recording of a notice of sale as provided in a deed of trust, record in the office of the county clerk in any cou…

A. On the date and at the time and place designated in the notice of sale, the trustee shall sell the trust real estate at public auction for cash to the highest bidder. To determine the highest bidder, the trustor or beneficiary present at the sale may suggest the then existing …

A. The purchaser at the sale, other than the beneficiary or the beneficiary's personal representatives, successors or assigns, to the extent of the credit bid of the purchaser, shall immediately pay the price bid. Upon receipt of payment of the price bid by the trustee in collect…

A. The trustee shall apply the proceeds of the sale of the trust real estate by the trustee as follows: (1) to the costs of exercising the power of sale and of sale, including the payment of the fees of the trustee and reasonable attorneys' fees actually incurred by the trustee a…

A. Except as otherwise provided in Subsection E of this section, the redemption period after a trustee's sale shall be nine months, or the period provided in the deed of trust, whichever is the lesser period, and shall begin to run from the date of the trustee's sale. In the deed…

trust real estate as provided in deed of trust; action to recover balance prohibited on loans secured by low-income households. A. Except as provided in Subsections D and E of this section, within six years after the date of a trustee's sale of trust real estate under a deed of t…

Every deed of trust, substitution of trustee, notice of resignation of trustee, request for notice, assignment of beneficial interest in a deed of trust, notice of sale, cancellation of notice of sale or release of deed of trust which is entitled to recordation as provided in the…

The sale of trust real estate by the trustee under a deed of trust shall be made or any action to foreclose a deed of trust as provided by law for the foreclosure of mortgages on real estate shall be commenced within the period prescribed by law for the commencement of an action …