2019 New Mexico Statutes
Chapter 39 - Judgments, Costs, Appeals
Article 5 - Sales Under Execution and Foreclosure
Section 39-5-1.2 - ["Real estate" and "real property" defined.]
As used in Chapter 39, Article 5 NMSA 1978 "real estate" or "real property" includes leaseholds. As used in this section, "leasehold" means an estate in real estate or real property held under a lease.
History: 1978 Comp., § 39-5-1.2, enacted by Laws 1991, ch. 234, § 2.
ANNOTATIONSValidating clauses. — Laws 1991, ch. 234, § 4 defines "leasehold" to mean an estate in real estate or real property held under a lease and validates as correct and legally effective filings or recordings to give constructive notice any actions taken prior to April 4, 1991 to file or record leases, memoranda, assignments or amendments thereto, leasehold mortgages or other writings affecting leaseholds or any interests in leaseholds in accordance with legal requirements for the filing or recording of writings affecting the title to real estate or real property.
Mechanic's liens. — The purpose of mechanic's lien statute is remedial in nature and is meant to protect those who, in good faith, have enhanced the value of another's property. Moreover, that statute is to be liberally construed. When these policy interests are viewed in light of the 1991 amendments to Sections 39-5-1.2 and 47-1-1 NMSA 1978, specifically providing that leaseholds are real estate, and in light of recent case law, a mechanic's lien may attach to a leasehold interest in real property. In re Furr's Supermarkets, Inc., 315 B.R. 776 (Bankr. D.N.M. 2004).
