2011 New Mexico Statutes
Chapter 48: Liens and Mortgages
Article 3: Liens on Personal Property, 48-3-1 through 48-3-29
Section 48-3-27: Disposition of proceeds of sale.
48-3-27. Disposition of proceeds of sale.
The proceeds of such sale shall be applied first to the payment of costs in giving notice of sale and conducting the sale, and second to the indebtedness claimed under the lien.
Any amount of the proceeds then remaining shall be paid to the lien debtor, after first deducting any other amounts due by lien debtor to lien claimant. If the whereabouts of the lien debtor are unknown and are not discovered within six (6) months from the date of the sale after reasonable search and inquiry, any remaining proceeds due such lien debtor shall be paid to the county treasurer for the benefit of the common school fund of the county.
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