New Mexico Statutes
Article 9 - Transfers to Prefer Creditors - Voluntary Assignments
Section 56-9-40 - [Sale of property; order of court; bond of assignee.]

The district court, or the judge thereof in vacation, shall make an order for the sale of all the real and personal estate conveyed by any deed of assignment, either for cash in hand or upon reasonable credit, and upon such other terms and notice as shall appear to the court or judge to be most advantageous to all the parties in interest, and shall by order, direct the nature of the security to be taken at sales made by assignees under this chapter. Before any sale of such real estate shall be made, the assignee shall give bond with at least two good securities, to be approved by the court, or judge thereof in vacation, in an amount equal to the value of the real estate to be sold, conditioned that the said assignee will faithfully make the same under such order, and duly account for the proceeds thereof under the provisions contained in this chapter.
History: Laws 1889, ch. 71, § 31; C.L. 1897, § 2857; Code 1915, § 313; C.S. 1929, § 7-140; 1941 Comp., § 23-140; 1953 Comp., § 27-1-40.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978.
Sales of assigned property must be in accordance with this section. Moore v. Western Meat Co., 1911-NMSC-014, 16 N.M. 107, 113 P. 827; In re Zeiger, 1909-NMSC-017, 15 N.M. 150, 106 P. 345.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 2, 4, 22, 47, 60, 102.
Estoppel of person by failure to disclose his interest in property sold by assignee for benefit of creditors, 50 A.L.R. 787.
Good will of business, sale of, by assignee of creditors as implying restriction against competition by former owner, in absence of provisions in that regard, 82 A.L.R. 1038.
Necessary parties defendant to action to set aside conveyance in fraud of creditors, 24 A.L.R.2d 395.
Circumstances authorizing sale of debtor's assets in bankruptcy arrangement proceedings, 24 A.L.R.2d 1214.
6A C.J.S. Assignments for Benefit of Creditors §§ 33, 52, 93 to 98, 137.

Structure New Mexico Statutes