2011 New Mexico Statutes
Chapter 19: Public Lands
Article 1: Commissioner of Public Lands; Disposition of Revenue, 19-1-1 through 19-1-24
Section 19-1-3: Delinquent payments; interest.
19-1-3. Delinquent payments; interest.
When entering into contracts for the sale, lease or other disposition of public lands under his jurisdiction, the commissioner of public lands is authorized to contract for payment of interest on any payment of rental, royalty, principal interest or other indebtedness which becomes delinquent. Interest on delinquent payments shall not exceed the rate of one percent a month nor be less than one-half percent a month, for any fraction of a month. Interest shall accrue from the date the payment becomes due.
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