When entering into contracts for the sale, lease or other disposition of public lands under his jurisdiction, the commissioner of public lands is authorized to contract for payment of interest on any payment of rental, royalty, principal interest or other indebtedness which becomes delinquent. Interest on delinquent payments shall not exceed the rate of one percent a month nor be less than one-half percent a month, for any fraction of a month. Interest shall accrue from the date the payment becomes due.
History: 1953 Comp., § 7-1-2.1, enacted by Laws 1971, ch. 96, § 1.
Cross references. — For forfeiture of coal land leases for noncompliance with terms, see 19-9-13 NMSA 1978.
For cancellation of oil and gas land leases for nonpayment of rentals, see 19-10-20 NMSA 1978.
For cancellation of geothermal resources leases for nonpayment of rentals or royalties, see 19-13-23 NMSA 1978.
Structure 2021 New Mexico Statutes
Article 1 - Commissioner of Public Lands; Disposition of Revenue
Section 19-1-1.1 - State land trusts advisory board; members; appointment; terms.
Section 19-1-1.2 - State land trusts advisory board; removal of members; vacancies.
Section 19-1-1.3 - State land trusts advisory board; organization; meetings.
Section 19-1-1.4 - State land trusts advisory board; duties.
Section 19-1-2 - Duties of land commissioner.
Section 19-1-2.1 - Confidential information; penalty.
Section 19-1-3 - Delinquent payments; interest.
Section 19-1-4 - [Oath and bond.]
Section 19-1-5 - [Land commission under Enabling Act; members; officers; locating agents.]
Section 19-1-6 - [Assistant commissioner; chief clerk; clerical force.]
Section 19-1-8 - Filing of official appointment; revocation; bond.
Section 19-1-9 - [Additional assistance to defend contest suits.]
Section 19-1-10 - [Duties and bonds of subordinates; expenses payable from maintenance fund.]
Section 19-1-12 - State land office; expenses; how paid.
Section 19-1-13 - Maintenance fund balance; apportionment.
Section 19-1-14 - [Separate accounts; payment of deficiencies; exception.]
Section 19-1-16 - [Deposit of money derived from state lands.]
Section 19-1-17 - Permanent, income and current funds; creating deposits.
Section 19-1-18 - Sources of special funds.
Section 19-1-19 - Public buildings at capital, permanent fund; investment.
Section 19-1-20 - Transfers and distributions of funds for schools and institutions.
Section 19-1-21 - Copies of records; fees; use as evidence.
Section 19-1-22 - [Contracts for potash land exploration.]
Section 19-1-23 - [Rules and regulations for land office; posting changes.]
Section 19-1-24 - [Publication of rules and regulations; distribution of copies.]