2006 New Mexico Statutes - 45-3-805 — Classification of claims.

45-3-805. Classification of claims.

A.     If the applicable assets of the estate are insufficient to pay all claims in full, the personal representative shall make payment in the following order:   

(1)     costs and expenses of administration, including compensation of personal representatives and of persons employed by the personal representatives;   

(2)     reasonable funeral expenses;   

(3)     debts and taxes with preference under federal law;   

(4)     reasonable medical and hospital expenses of the last illness of the decedent, including compensation of persons attending the decedent;   

(5)     debts and taxes with preference under other laws of New Mexico; and   

(6)     all other claims.   

B.     No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to a preference over claims not due.