New Mexico Statutes
Article 9 - Transfers to Prefer Creditors - Voluntary Assignments
Section 56-9-51 - [Bad or doubtful debts; sale or compromise; release of rights; report; notice; objections.]

Whenever it may appear to the best interest of the estate assigned, the court, or judge thereof in vacation may make an order directing the assignee to sell, compound or compromise all bad or doubtful debts upon such terms and conditions as appear proper and most beneficial to the estate; and in like manner the court, or judge thereof in vacation, may make an order directing the assignee to release and discharge any vested, contingent or possible right or interest in or to any estate or effects assigned, upon such terms and conditions as the court, or judge thereof in vacation, may deem proper and just for the best interest of the estate. The assignee shall report his proceedings under this section to the court, or judge in vacation; and if in vacation, he shall notify the creditors by publication in the newspaper aforesaid for at least two weeks, the last insertion to be not less than ten days prior to the time of the hearing on said report, which notice shall state the object of said report and when and where the same will be heard, and upon a hearing thereof, the court, or judge in vacation, may approve or disapprove the same as the facts and circumstances may warrant: and provided, that any creditor may file his objections to said report on or before the date fixed by the notice, and such objection shall be heard and determined without delay, and nothing in this section authorized to be done by the assignee shall be final until the approval of the court as provided in this chapter.
History: Laws 1889, ch. 71, § 42; C.L. 1897, § 2868; Code 1915, § 324; C.S. 1929, § 7-151; 1941 Comp., § 23-151; 1953 Comp., § 27-1-51.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The words "provided in this chapter" were substituted for "herein provided" by the compilers of the 1915 Code. The former would apply to 56-9-1 to 56-9-53 NMSA 1978 while the latter would seem to apply only to this section, although it may refer to Laws 1889, ch. 71 compiled as 56-9-10 to 56-9-53 NMSA 1978.
Cross references. — For publication of notice, see 14-11-1 to 14-11-3, 14-11-13 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 51, 53, 54, 61, 66, 103.
6A C.J.S. Assignments for Benefit of Creditors §§ 51, 112 to 126, 172.

Structure New Mexico Statutes