A. Except as provided in Subsection B of this section, the trustee of a deed of trust shall be:
(1) an organization doing business under the laws of New Mexico as a bank, trust company, savings and loan association, escrow company or title insurance company including an agent or underwriter;
(2) an individual who is a member of the state bar of New Mexico;
(3) an organization which is licensed, chartered or regulated by the federal deposit insurance corporation, the comptroller of the currency, the federal savings and loan insurance corporation, the federal home loan bank, the bureau of federal credit unions or any successors; or
(4) the parent corporation of any association or corporation referred to in this subsection or any subsidiary corporation all the stock of which is owned by or held solely for the benefit of any such association or corporation referred to in this subsection.
B. No trustee of a deed of trust or parent corporation or subsidiary corporation of a corporate trustee which is a trustee of a deed of trust shall be the beneficiary of the deed of trust.
History: Laws 1987, ch. 61, ยง 6.
Structure 2021 New Mexico Statutes
Chapter 48 - Liens and Mortgages
Section 48-10-1 - Short title.
Section 48-10-3 - Definitions.
Section 48-10-6 - Trustee of deed of trust; qualification.
Section 48-10-7 - Appointment of successor trustee by beneficiary.
Section 48-10-8 - Deed of trust as security.
Section 48-10-9 - Grants in trust of real estate; uses.
Section 48-10-10 - Sale of trust real estate; power of trustee; foreclosure of deed of trust.
Section 48-10-11 - Notice of trustee's sale.
Section 48-10-12 - Request for copies of notice of sale; mailing by trustee or beneficiary.
Section 48-10-13 - Sale by public auction; postponement of sale.
Section 48-10-14 - Payment of bid; trustee's deed.
Section 48-10-15 - Disposition of proceeds of sale.
Section 48-10-16 - Redemption.
Section 48-10-18 - Method of indexing.
Section 48-10-19 - Limitation on action or sale of trust real estate.
Section 48-10-20 - Notice from instruments recorded; assignment of a beneficial interest.