2021 New Mexico Statutes
Article 7 - Sale and Lease of Lands
Section 19-7-10 - [Restrictions on deferred payments.]

At any time after sale and prior to the expiration of thirty years from the date of the contract, the purchaser or his successor in interest may pay all or any part of the purchase price due on any contract for purchase of state lands, but no payment shall be accepted, other than the first payment, for less than one-thirtieth of ninety-five per centum of the purchase price, nor be effective for credit on any date other than the anniversary of the date of the contract next following the date of tender.
History: Laws 1917, ch. 52, § 2; C.S. 1929, § 132-159; 1941 Comp., § 8-810; 1953 Comp., § 7-8-10.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Issuance of patent prior to completion of payment. — No specific authority is given the commissioner of public lands to issue a patent to a portion of a tract of land sold under contract when only that part covered by the patent has been paid for and the balance due under said contract has not been paid at the time the patent is issued. Zinn v. Hampson, 1956-NMSC-088, 61 N.M. 407, 301 P.2d 518.
Authority of commissioner. — Land commissioner does not have authority to accept payments of principal less interest paid and funded, nor to accept for credit full amount of principal and cause interest paid in advance to be funded, nor to accept for credit only payments of delinquent interest where the purchaser tenders the principal amount due on contract. 1947 Op. Att'y Gen. No. 47-5034.

Structure 2021 New Mexico Statutes