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Section 48-10-4 – Repealed.
History: Laws 1987, ch. 61, § 4; 1993, ch. 145, § 3; repealed by Laws 2006, ch. 32, § 8.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 — Laws 2006, ch. 32, § 8, repealed 48-10-4 NMSA 1978, as enacted by Laws 1987, ch. 61, § 4, relating to express consent required, effective May 17, 2006.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 […]
Section 48-10-6 – Trustee of deed of trust; qualification.
A. Except as provided in Subsection B of this section, the trustee of a deed of trust shall be: (1) an organization doing business under the laws of New Mexico as a bank, trust company, savings and loan association, escrow company or title insurance company including an agent or underwriter; (2) an individual who is […]
Section 48-9-5 – Perfection of security interest and lien; filing notice.
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 agreement, the interest owner […]
Section 48-9-6 – Effect of act and filing; title; purchaser’s rights; collateral 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 agreement or operation of law subject […]
Section 48-9-7 – Enforcement; actions and costs; cumulative remedies.
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 security interest and lien shall […]
Section 48-9-8 – Priority; assignment; representation.
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 and Gas Products Lien Act shall […]
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, […]