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 […]
Section 48-11-2 – Definitions.
As used in the Self-Service Storage Lien Act: A. “default” means the failure to perform in a timely manner any obligation or duty set forth in the Self-Service Storage Lien Act or in the rental agreement; B. “electronic mail” means the transmission of information or a communication by the use of a computer or other […]
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 48-11-3 – Rental agreement.
The rental agreement shall contain a notice stating that all articles stored under the terms of that agreement will be sold or otherwise disposed of under the terms and conditions of the Self-Service Storage Lien Act if the tenant is in default. The agreement shall contain a disclosure provision stating the name and address of […]
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 48-11-4 – Self-service storage facility; exclusion.
A self-service storage facility is not a warehouse as that term is used in Sections 55-7-209 and 55-7-210 NMSA 1978; nor shall a self-service storage facility be used for residential purposes. History: Laws 1987, ch. 314, § 4.
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 48-11-5 – Lien established.
When an owner has a lien, it is on all personal property located at the self-service storage facility for rent, labor or other charges in relation to the personal property and for expenses necessary for its preservation or expenses reasonably incurred in its sale or other disposition pursuant to the provisions of the Self-Service Storage […]