An option in gross with respect to an interest in real property or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in real property becomes invalid if it is not actually exercised within thirty years after its creation.
History: 1978 Comp., § 45-2-909, enacted by Laws 2011, ch. 124, § 36.
Effective dates. — Laws 2011, ch. 124, § 104 made Laws 2011, ch. 124, § 36 effective January 1, 2012.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 2 - Intestate Succession and Wills
Subpart 3 - Time Limits On Options In GrossAnd Certain Other Interests In Real Property
Section 45-2-908 - Definitions.
Section 45-2-909 - Interest in real property.
Section 45-2-910 - Lease to commence in the future.
Section 45-2-911 - Nonvested easement.
Section 45-2-912 - Possibility of reverter, right of entry, executory interest.