Section 48-11-9 – Criminal liability.
Any person who willfully fails to disclose any lienholder as required by the disclosure provision of the rental agreement defined in Section 3 [48-11-3 NMSA 1978] of the Self-Service Storage Lien Act is guilty of a petty misdemeanor. History: Laws 1987, ch. 314, § 9. ANNOTATIONS Severability. — Laws 1987, ch. 314, § 11 provided […]
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 […]
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 48-11-1 – Short title.
This act [48-11-1 to 48-11-9 NMSA 1978] may be cited as the “Self-Service Storage Lien Act”. History: Laws 1987, ch. 314, § 1.
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 […]