Any lease for geothermal resources in good standing, together with improvements placed on the land thereunder, may be assigned as collateral security under the same procedures and in the same manner as provided by law for filing, recording, approval, release and foreclosure of state land purchase contracts issued by the commissioner. When any assignment pursuant to this section has been approved by the commissioner, it shall constitute constructive notice thereof to the world from the date of approval.
History: 1953 Comp., § 7-15-28, enacted by Laws 1967, ch. 158, § 28.
Compiler's notes. — Sections 19-7-37 to 19-7-47 NMSA 1978 set out the procedures surrounding assignment of state land purchase contracts as collateral.
Severability. — Laws 1967, ch. 158, § 29, provided for severability of the Geothermal Resources Act if any part or application thereof is held invalid.
Structure 2021 New Mexico Statutes
Article 13 - Lease of Geothermal Resources on State Lands
Section 19-13-1 - Short title.
Section 19-13-2 - Definitions.
Section 19-13-3 - Administration of act.
Section 19-13-4 - Geothermal resources of commercial value.
Section 19-13-5 - Leases; applications; limitations.
Section 19-13-6 - Known geothermal resources fields.
Section 19-13-7 - Leases; terms; rentals and royalties.
Section 19-13-8 - Leases; relinquishment.
Section 19-13-9 - Rent or royalties; waiver; suspension; reduction.
Section 19-13-10 - Suspension of operation and production.
Section 19-13-11 - Leases; duration.
Section 19-13-11.1 - Leases; stipulation; rental; royalty.
Section 19-13-11.2 - Validation of geothermal resource leases.
Section 19-13-12 - Combining geothermal resources.
Section 19-13-13 - Reinjecting geothermal resources.
Section 19-13-14 - Cooperative development or operation.
Section 19-13-15 - Posting of open acreage; simultaneous applications.
Section 19-13-16 - State land sales and leases; reservations.
Section 19-13-17 - Use of the surface.
Section 19-13-18 - Bonds; surface damage; performance.
Section 19-13-19 - State lands; jurisdictions.
Section 19-13-20 - General mining lease; lease preference.
Section 19-13-21 - Transferability.
Section 19-13-22 - Inspection of records; reports.
Section 19-13-23 - Violation of lease; notice; forfeiture.
Section 19-13-24 - Removing improvements upon termination of lease.
Section 19-13-25 - Regulations.
Section 19-13-26 - Withholding state lands from lease; lease by competitive bids.