This section and Section 39-5-18 NMSA 1978 do not apply to any foreclosure sale made before the effective date of this section. The parties to any such instrument may, by its terms, shorten the redemption period to not less than one month, but the district court may in such cases, upon a sufficient showing before judgment that redemption will be effected, increase the period of redemption to not to exceed nine months notwithstanding the terms of such instrument.
History: 1953 Comp., § 24-2-19.1, enacted by Laws 1957, ch. 109, § 2; 1965, ch. 224, § 1.
ANNOTATIONS
Computation of redemption period. A calendar month runs from the date of the court order triggering the right of redemption to the corresponding date of the subsequent month; this rule corresponds to the preference expressed in 12-2A-7C NMSA 1978 (enacted after this section), conforms with the requirements of Rule 1-006A NMRA governing court orders, and is consistent with the common understanding of when a one-month period, beginning on a certain date, will expire. U.S. Bank Nat’l Ass’n v. Martinez, 2003-NMCA-151, 134 N.M. 665, 81 P.3d 608, cert. denied, sub nom. Bustos v. Haldeman, 2003-NMCERT-003, 135 N.M. 51, 84 P.3d 668.
Extension of redemption period. — There are two situations in which a court will use its equitable powers to grant a debtor an extension of the redemption period. In the first type of situation, the debtor fulfills all of the requirements of the redemption statute, but redemption is not complete because of a clerical error or technical mix-up. In the second type of situation, courts look for evidence of fraud, deceit, or collusion to justify the grant of a redemption period extension. Brown v. Trujillo, 2004-NMCA-040, 135 N.M. 365, 88 P.3d 881, cert. denied, 2004-NMCERT-004, 135 N.M. 562, 91 P.3d 603.
Reduction of redemption period. — Although the legislature initially granted a nine-month period of redemption for junior lienholders, the legislature also intended to give the parties to the instrument being foreclosed the power to reduce the statutory period to not less than one month by entering into a written agreement contained in the instrument being foreclosed. Sun Country Sav. Bank v. McDowell, 1989-NMSC-043, 108 N.M. 528, 775 P.2d 730.
The 30-day time limit set by 39-1-1 NMSA 1978 for the court’s ruling on a motion does not apply to a petition for a certificate of redemption. Crown Life Ins. Co. v. Candlewood, Ltd., 1991-NMSC-090, 112 N.M. 633, 818 P.2d 411.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 55 Am. Jur. 2d Mortgages § 900.
Constitutionality of statute extending period for redemption from judicial or tax sale, or sale upon mortgage foreclosure, 1 A.L.R. 143, 38 A.L.R. 229, 89 A.L.R. 966.
59 C.J.S. Mortgages § 845.