There is a newer version of the New Mexico Statutes
2014 New Mexico Statutes
Chapter 19 - Public Lands
Section 4 Townsites
Section 19-4-20 Disposition of proceeds.
NM Stat § 19-4-20 (2014) What's This?
19-4-20. Disposition of proceeds.
The proceeds received from the sale shall be disposed of as follows:
A. first, to pay the expenses of the sale;
B. second, to discharge any outstanding claims incurred in entering the townsite of the town; and
C. third, the surplus, if any, shall be retained by the town trustees to be used for making improvements within the townsite for public purposes.
History: Laws 1882, ch. 70, 14; C.L. 1884, 2788; Laws 1891, ch. 29, 1; C.L. 1897, 3991; Code 1915, 5532; C.S. 1929, 144-120; 1941 Comp., 8-520; 1953 Comp., 7-5-20; Laws 1967, ch. 279, 1.
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