2020 New Mexico Statutes
Chapter 47 - Property Law
Article 1 - Conveyances and General Provisions
Section 47-1-2 - Monopolies; entailments; primogeniture.

Monopolies are contrary to the genius of a free government and shall never be allowed, nor shall the law of primogeniture or entailments ever be in force in this state.

History: Laws 1851-1852, p. 154; C.L. 1865, ch. 95, § 17; C.L. 1884, § 2600; C.L. 1897, § 3774; Code 1915, § 4770; C.S. 1929, § 117-114; 1941 Comp., § 75-102; 1953 Comp., § 70-1-2; Laws 1992, ch. 66, § 70.

Cross references. — For constitutional provisions against privileges and monopolies, see N.M. Const., art. IV, §§ 26, 38.

The 1992 amendment, effective July 1, 1992, added the section heading and deleted "Perpetuities and" from the beginning of the section.

Restricted deed not monopoly. — The prohibition of this section of the creation of monopolies is not violated by restricted deeds (of an improvement company establishing a townsite) which restrict forever the sale of intoxicating liquors in the town to one block, by such persons as are designated by the company, such restriction being for the benefit of the community and without intent to create a monopoly. Alamogordo Improvement Co. v. Prendergast, 1940-NMSC-075, 45 N.M. 40, 109 P.2d 254.

Testamentary trust not violative of rule against perpetuities. — A testamentary trust complied with the rule against perpetuities where both the private and charitable portions of the trust were to terminate 21 years after the death of one of the beneficiaries. In re Will of Coe, 1992-NMCA-006, 113 N.M. 355, 826 P.2d 576.

Law reviews. — For article, "Toward Clarification of New Mexico's Real Property Statutes," see 1 Nat. Res. J. 163 (1961).

Am. Jur. 2d, A.L.R. and C.J.S. references. — Accumulation of income as subject of governmental restraint in absence of explicit statute, 152 A.L.R. 657.

Restrictive covenants, conditions and agreements in respect of real property discriminating against persons on account of race, color or religion, 3 A.L.R.2d 466.