Section 48-10-7 – Appointment of successor trustee by beneficiary.
A. If a person appointed as trustee fails to qualify, is unwilling, unqualified or unable to serve or resigns as trustee, the beneficiary may appoint a successor trustee and the appointment shall constitute a substitution of trustee. B. The beneficiary may remove a trustee at any time for any reason or cause and appoint a […]
Section 48-10-8 – Deed of trust as security.
Deeds of trust may be executed as security for the performance of a contract. The laws of New Mexico which refer to mortgages as security instruments are deemed to also include deeds of trust unless the context otherwise requires. The lien theory of mortgages in New Mexico shall continue to apply to deeds of trust […]
Section 48-10-9 – Grants in trust of real estate; uses.
Grants or mortgages of trust real estate may be made to secure the performance of a contract of the trustor or any other person. Unless otherwise specifically provided in the deed of trust or otherwise specifically agreed in writing by the trustor and the beneficiary at the time of acquisition, an interest in the trust […]
Section 48-10-10 – Sale of trust real estate; power of trustee; foreclosure of 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 real estate is […]
Section 48-10-11 – Notice of trustee’s sale.
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 in the office of the […]
Section 48-10-12 – Request for copies of notice of sale; mailing by trustee or 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 […]
Section 48-10-13 – Sale by public auction; postponement of sale.
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 and legally described and […]
Section 48-10-14 – Payment of bid; trustee’s deed.
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 collected federal funds, the trustee shall execute and deliver […]
Section 48-10-15 – Disposition of proceeds of sale.
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 and the beneficiary; (2) […]
Section 48-10-16 – Redemption.
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 of trust, the parties […]