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 48-10-10 – 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 48-10-11 – Notice of trustee’s sale.
A. The trustee shall give written notice of the time and place of sale, legally describing the trust real estate to be sold, by each of the following methods: (1) publication of the notice as provided by law for foreclosure of mortgages on real estate; (2) recording of the notice in the office of the […]
Section 48-10-12 – Request for copies of notice of sale; mailing by trustee or beneficiary.
A. A person desiring a copy of a notice of sale as provided in a deed of trust shall, at any time after the recording of the deed of trust and before the recording of a notice of sale as provided in a deed of trust, record in the office of the county clerk in […]
Section 48-10-13 – Sale by public auction; postponement of sale.
A. On the date and at the time and place designated in the notice of sale, the trustee shall sell the trust real estate at public auction for cash to the highest bidder. To determine the highest bidder, the trustor or beneficiary present at the sale may suggest the then existing and legally described and […]
Section 48-10-14 – Payment of bid; trustee’s deed.
A. The purchaser at the sale, other than the beneficiary or the beneficiary’s personal representatives, successors or assigns, to the extent of the credit bid of the purchaser, shall immediately pay the price bid. Upon receipt of payment of the price bid by the trustee in collected federal funds, the trustee shall execute and deliver […]
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 48-10-2 – 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 48-10-20 – 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 48-10-3 – 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 […]
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 48-10-7 – 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 48-10-8 – 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 […]