Section 48-10-17 – Action to recover balance after sale or foreclosure on 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 trust as provided in the Deed of Trust Act, a separate civil action may be commenced to recover a deficiency judgment for the balance due […]
Section 48-10-18 – Method of indexing.
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 Deed of Trust Act shall be indexed in […]
Section 48-10-19 – Limitation on action or sale of trust real estate.
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 on the […]
Section 48-10-20 – Notice from instruments recorded; assignment of a beneficial interest.
Except as otherwise provided in this section, a deed of trust, notice of resignation of trustee, assignment of a beneficial interest in a deed of trust, notice of sale, cancellation of notice of sale, trustee’s deed, release of deed of trust and any instrument by which a deed of trust is subordinated or waived as […]
Section 48-10-21 – Liberal interpretation.
The Deed of Trust Act shall be liberally construed to carry out its purpose. History: Laws 1987, ch. 61, § 21. ANNOTATIONS Severability. — Laws 1987, ch. 61, § 22 provided for the severability of the Deed of Trust Act if any part or application thereof is held invalid.
Section 48-10-1 – Short title.
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.
Section 48-10-2 – Repealed.
History: Laws 1987, ch. 61, § 2; 1993, ch. 145, § 1; repealed by Laws 2006, ch. 32, § 8. ANNOTATIONS Repeals. — Laws 2006, ch. 32, § 8, repealed 48-10-2 NMSA 1978, as enacted by Laws 1987, ch. 61, § 2, relating to the purpose of the Deed of Trust Act, effective May 17, […]
Section 48-10-3 – Definitions.
As used in the Deed of Trust Act, unless the context otherwise requires: A. “beneficiary” means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or the person’s successor in interest; B. “contract” means an agreement between or among two or […]
Section 48-10-4 – Repealed.
History: Laws 1987, ch. 61, § 4; 1993, ch. 145, § 3; repealed by Laws 2006, ch. 32, § 8. ANNOTATIONS Repeals. — Laws 2006, ch. 32, § 8, repealed 48-10-4 NMSA 1978, as enacted by Laws 1987, ch. 61, § 4, relating to express consent required, effective May 17, 2006. For provisions of former […]
Section 48-10-5 – Description of trust real estate; mailing address of trustor, beneficiary and trustee.
A. In deeds of trust the legal description of trust real estate shall be given by one of the following methods: (1) by the use of lot, block, tract or parcel as provided in a recorded subdivision plat; (2) by the use of a metes and bounds or course and distance survey; (3) by the […]