Sections 48-9-1 through 48-9-8 NMSA 1978 may be cited as the “Oil and Gas Products Lien Act.” History: 1953 Comp., § 61-10-1, enacted by Laws 1973, ch. 100, § 1. ANNOTATIONS Cross references. — For liens on wells and pipelines, see 70-4-1 NMSA 1978 et seq. Am. Jur. 2d, A.L.R. and C.J.S. references. — 38 […]
As used in the Oil and Gas Products Lien Act: A. “commission” means the oil and gas accounting commission [oil and gas accounting division of the taxation and revenue department]; B. “product” or “products” means severed oil, natural gas, liquid hydrocarbons, individually or in any combination thereof; C. “severed” means the taking, extraction or production […]
A. To secure payment from the first purchaser of the purchase price of the product, state royalty and all taxes which are required to be or are withheld and paid or to be paid by the first purchaser, an interest owner, subject to Section 48-9-5 NMSA 1978, shall have a continuing purchase money security interest […]
The validity of the purchase money security interest and lien granted to an interest owner under the provisions of the Oil and Gas Products Lien Act shall not be dependent upon possession of the product by an interest owner or operator and no such purchase money security interest or lien shall become or be deemed […]
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 […]
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 […]
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 […]
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 […]
