There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 3: Municipalities
Article 52: Municipal Transit, 3-52-1 through 3-52-16
Section 3-52-11: Foreclosure.
NM Stat § 3-52-11 (1996 through 1st Sess 50th Legis) What's This?
3-52-11. Foreclosure.
If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the transit facilities in default.
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