Monopolies are contrary to the genius of a free government and shall never be allowed, nor shall the law of primogeniture or entailments ever be in force in this state.
History: Laws 1851-1852, p. 154; C.L. 1865, ch. 95, § 17; C.L. 1884, § 2600; C.L. 1897, § 3774; Code 1915, § 4770; C.S. 1929, § 117-114; 1941 Comp., § 75-102; 1953 Comp., § 70-1-2; Laws 1992, ch. 66, § 70.
Cross references. — For constitutional provisions against privileges and monopolies, see N.M. Const., art. IV, §§ 26, 38.
The 1992 amendment, effective July 1, 1992, added the section heading and deleted "Perpetuities and" from the beginning of the section.
Restricted deed not monopoly. — The prohibition of this section of the creation of monopolies is not violated by restricted deeds (of an improvement company establishing a townsite) which restrict forever the sale of intoxicating liquors in the town to one block, by such persons as are designated by the company, such restriction being for the benefit of the community and without intent to create a monopoly. Alamogordo Improvement Co. v. Prendergast, 1940-NMSC-075, 45 N.M. 40, 109 P.2d 254.
Testamentary trust not violative of rule against perpetuities. — A testamentary trust complied with the rule against perpetuities where both the private and charitable portions of the trust were to terminate 21 years after the death of one of the beneficiaries. In re Will of Coe, 1992-NMCA-006, 113 N.M. 355, 826 P.2d 576.
Law reviews. — For article, "Toward Clarification of New Mexico's Real Property Statutes," see 1 Nat. Res. J. 163 (1961).
Am. Jur. 2d, A.L.R. and C.J.S. references. — Accumulation of income as subject of governmental restraint in absence of explicit statute, 152 A.L.R. 657.
Restrictive covenants, conditions and agreements in respect of real property discriminating against persons on account of race, color or religion, 3 A.L.R.2d 466.
Structure 2021 New Mexico Statutes
Article 1 - Conveyances and General Provisions
Section 47-1-1 - "Real estate" defined.
Section 47-1-2 - Monopolies; entailments; primogeniture.
Section 47-1-4 - [Conveyances authorized.]
Section 47-1-4.1 - Actual authority; representatives of business entities; exception.
Section 47-1-5 - [Signing of conveyances.]
Section 47-1-6 - Seal unnecessary.
Section 47-1-7 - [Powers of attorney and revocations thereof to be acknowledged and recorded.]
Section 47-1-8 - [Conveyances under terminated power of attorney; validation.]
Section 47-1-9 - [Notice of revocation or death by means of affidavit.]
Section 47-1-10 - [Recordation of affidavit of termination of power of attorney.]
Section 47-1-11 - [Instruments by agent authorized.]
Section 47-1-12 - [Conveyance by decree or master.]
Section 47-1-14 - [Effect of words "bargained and sold".]
Section 47-1-15 - [Joint grantees or devisees; tenancy in common.]
Section 47-1-16 - [Instrument of conveyance; prima facie evidence of joint tenancy.]
Section 47-1-17 - [Entailed estates.]
Section 47-1-18 - [Reversion; "heirs" and "successors" defined.]
Section 47-1-19 - [Rights of heirs of life tenant when made remaindermen.]
Section 47-1-20 - [Remainder to unborn child.]
Section 47-1-22 - [Grants of rents, returns or remainders.]
Section 47-1-23 - [Transfer of reversion authorized.]
Section 47-1-24 - [Rights of transferee of reversion.]
Section 47-1-26 - [Tax assessment or payment in name of nonowner is not cloud on title.]
Section 47-1-27 - ["Statutory forms" of conveyance and mortgage of real property.]
Section 47-1-28 - [Applicability from effective date of act.]
Section 47-1-29 - ["Warranty deed" effective in fee simple.]
Section 47-1-30 - ["Quitclaim deed" effective in fee simple without warranty.]
Section 47-1-31 - ["Special warranty deed"; effect.]
Section 47-1-32 - ["Grant" effective as a word of conveyance.]
Section 47-1-33 - [Unnecessary terms; construction of deeds or reservations.]
Section 47-1-34 - [Rights included without enumeration.]
Section 47-1-35 - [Conveyance or mortgage to joint tenants.]
Section 47-1-36 - Joint tenancies defined; creation.
Section 47-1-37 - [Effect of warranty covenants in conveyances.]
Section 47-1-38 - [Effect of special warranty covenants in conveyances.]
Section 47-1-39 - [Mortgage or deed of trust provisions; effect.]
Section 47-1-40 - [Construction of "mortgage covenants".]
Section 47-1-41 - Construction of "statutory mortgage condition".
Section 47-1-42 - [Sheriff designated as successor trustee.]
Section 47-1-43 - [Verb "assign" sufficient to transfer interest.]
Section 47-1-44 - Conveyancing forms.
Section 47-1-45 - [Real estate brokerage agreements required to be in writing.]
Section 47-1-46 - [Real estate descriptions by reference to recorded instruments.]
Section 47-1-47 - [Recovery of realty donated to state or municipality for specific purposes.]
Section 47-1-48 - [Rules applicable; service of process.]
Section 47-1-49 - New Mexico coordinate system; zones.
Section 47-1-50 - Zone designations.
Section 47-1-51 - Plane coordinates, x and y; definition.
Section 47-1-52 - Description of land located in more than one zone.
Section 47-1-54 - Recordation of land description based on coordinate system; limitation.
Section 47-1-55 - [Use on maps, reports of survey or other documents.]