2015 New Mexico Statutes
Chapter 3 - Municipalities
Section 33 Improvement Districts
Section 3-33-28 Improvement district; foreclosure; trustee may purchase at foreclosure of liens; contents of bid.
3-33-28. Improvement district; foreclosure; trustee may purchase at foreclosure of liens; contents of bid.
Any delinquent assessment has the effect of a mortgage and shall be foreclosed and sold in the manner provided by law for the foreclosure of mortgages on real estate. In any action seeking the foreclosure of a lien against any tract or parcel of land assessed by a municipality for the construction of any project after either or both assignable certificates or bonds have been issued, if there is no other purchaser for the tract or parcel of land having a delinquent assessment, the municipality, as trustee of the fund from which the assignable certificates or bonds are to be paid, may:
A. purchase the tract or parcel of land sold at the foreclosure sale; and
B. bid, in lieu of cash, the full amount of the assessment, interest, penalties, attorneys' fees and costs found by the court to be due and payable under the ordinance creating the lien and any cost taxed by the court in the foreclosure proceedings against the property ordered sold.
History: 1953 Comp., 14-32-21, enacted by Laws 1965, ch. 300; 1991, ch. 199, 18.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
