reglab/housing_qa huggingface dataset:
NM Stat § 56-8-21 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-21 - Usury; corporations and limited partnerships.

A. No corporation shall plead, enforce a remedy, counterclaim, set off or set up the defense of usury to any action brought against it to recover damages or shall enforce a remedy for usury on any obligation executed by the corporation. B. No limited partnership, limited partner or general partner of a limited partnership, shall plead or set up the defense of usury in any action brought against it or him on a limited partnership obligation. No limited partnership, limited partner or general partner of a limited partnership shall enforce a remedy for usury on any limited partnership obligation. C. This section shall apply to a transaction in which a corporation or a limited partnership is debtor regardless of the purpose for which the corporation or limited partnership was formed. History: 1953 Comp., § 50-6-26, enacted by Laws 1975, ch. 171, § 1. ANNOTATIONSSection has no applicability to action involving violation of 56-8-7 NMSA 1978, limiting commission rates on procuring loans. Diane, Inc. v. Kapnison, 1983-NMSC-056, 100 N.M. 143, 667 P.2d 450. Individual's usury defense allowed when corporation guarantor. — When a corporation is not a primary maker on a note but is a guarantor, the individuals who signed as makers are entitled to assert the defense of usury. First Nat'l Bank v. Danek, 1976-NMSC-077, 89 N.M. 623, 556 P.2d 31. Usury defense unavailable where corporation actually maker. — Evidence which tended to show that the money represented by a promissory note was primarily to be used to establish and operate a corporation and that the corporation was actually the maker and the individuals, the guarantors, would have nullified the defense of usury. First Nat'l Bank v. Danek, 1976-NMSC-077, 89 N.M. 623, 556 P.2d 31. Exemptions applicable to Residential Home Loan Act. — The exemptions from interest limitations and other provisions of law established by 56-8-9 and 58-8-1 to 58-8-3 NMSA 1978 and this section should be applicable to any home loan made pursuant to the Residential Home Loan Act. 1980 Op. Att'y Gen. No. 80-14. Law reviews. — For article, "The Use (or Abuse) of the Limited Partnership in Financing Real Estate Ventures in New Mexico," see 3 N.M. L. Rev. 251 (1973). Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Interest and Usury §§ 285 to 290. Quantum, degree, or weight of evidence to sustain usury charge, 51 A.L.R.2d 1087. Statute denying defense of usury to corporation, 63 A.L.R.2d 924. Admissibility, in civil case involving usury issue, of evidence of other assertedly usurious transactions, 67 A.L.R.2d 232. Usury as affected by acceleration clause, 66 A.L.R.3d 650. 91 C.J.S. Usury §§ 26, 92, 135, 160.
NM Stat § 56-8-22 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-22 - Short title.

Sections 1 through 9 [56-8-22 to 56-8-30 NMSA 1978] of this act may be cited as the "Residential Home Loan Act." History: Laws 1980, ch. 64, § 1. ANNOTATIONSCompiler's notes. — Sections 56-8-25 to 56-8-28 NMSA 1978 were repealed by Laws 1981, ch. 263, § 4, effective July 1, 1981. Applicability of act. — There is no indication, either express or implied, that 56-8-22 to 56-8-30 NMSA 1978 apply only to unsophisticated and naive purchasers. Naumburg v. Pattison, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387.
NM Stat § 56-8-23 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-23 - Purpose of act.

The purpose of the Residential Home Loan Act is to make funds for residential home financing available to New Mexicans at national market rates and to secure certain rights and protections for borrowers. History: Laws 1980, ch. 64, § 2. ANNOTATIONS
NM Stat § 56-8-25 to 56-8-28 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-25 to 56-8-28 - Repealed.

ANNOTATIONSRepeals. — Laws 1981, ch. 263, § 4, repealed 56-8-25 to 56-8-28 NMSA 1978, as enacted by Laws 1980, ch. 64, §§ 4 to 7, relating to the rates of interest on home loans, effective July 1, 1981. Compiler's notes. — Laws 1981, ch. 263, § 6, revived 56-8-25 to 56-8-28 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
NM Stat § 56-8-29 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-29 - Civil penalty for violation of act.

Any person that knowingly receives or charges a rate of interest greater than that allowed under the Residential Home Loan Act shall forfeit the entire amount of interest that the evidence of indebtedness specifies. If any interest has been paid by the debtor to a person that knowingly received or charged a rate that was in excess of the rate of interest allowed under the Residential Home Loan Act, then the debtor may recover by civil action twice the amount of the interest paid plus his costs of suit and attorney's fees. If any person, other than an institutional lender as defined in Section 4 [repealed] of the Residential Home Loan Act, receives or charges a rate of interest greater than that allowed under the Residential Home Loan Act, but such charging or receipt was under mistake or otherwise without knowledge of the violation, then the evidence of indebtedness is enforceable except that the lender cannot charge or receive more than the maximum rate of interest permitted under the Residential Home Loan Act, and the debtor may recover by civil action only the excess interest plus his costs of suit and attorney's fees. Any action brought under this section must be commenced within two years of the date the evidence of indebtedness was signed by the debtor. History: Laws 1980, ch. 64, § 8. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Section 4 of the Residential Home Loan Act, referred to in the next-to-last sentence in this section, refers to Laws 1980, ch. 64, § 4, which was compiled as 56-8-25 NMSA 1978. That section and 56-8-26 to 56-8-28 NMSA 1978 were repealed by Laws 1981, ch. 263, § 4, effective July 1, 1981. Statutory limitation on interest rates. — With the repeal of Sections 56-8-25 to 56-8-28 NMSA 1978, there are no longer any interest rate limitations in the Residential Home Loan Act (Sections 56-8-22 to 56-8-30 NMSA 1978). 1985 Op. Att'y Gen. No. 85-01.
NM Stat § 56-8-30 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 8 - Money, Interest and Usury|Section 56-8-30 - No prepayment penalty on home loans.

No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of the indebtedness is enforceable. History: Laws 1980, ch. 64, § 9; 2009, ch. 151, § 1. ANNOTATIONSThe 2009 amendment, effective June 19, 2009, after "home loan", added "or a loan for a mobile home"; after "real estate mortgage", added "or other purchase contract"; and after "prepayment of", added "an installment payment or prepayment of". Federal preemption. — When applied to federally-chartered thrift institutions and banks federal law preempts 56-8-30 NMSA 1978, which prohibits banks from collecting prepayment penalties on home mortgages. Stoneking v. Bank of Am., N.A., 2002-NMCA-042, 132 N.M. 79, 43 P.3d 1089 A complete prohibition against prepayment is a penalty forbidden by this section. Naumburg v. Pattison, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387. Am. Jur. 2d, A.L.R. and C.J.S. references. — Validity and construction of provision of mortgage or other real-estate financing contract prohibiting prepayment for a fixed period of time, 81 A.L.R.4th 423.
NM Stat § 56-9-2 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-2 - [Interested persons may file suit.]

All such transfers as are herein declared to inure to the benefit of the creditors generally shall be subject to the control of courts of equity upon the bill [complaint] of any person interested, filed within six months after the mortgage or transfer is legally lodged for record or the delivery of the property or effects transferred. History: Laws 1889, ch. 67, § 2; C.L. 1897, § 2819; Code 1915, § 275; C.S. 1929, § 7-102; 1941 Comp., § 23-102; 1953 Comp., § 27-1-2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. The word "complaint" was inserted in compliance with Rule 1-007A NMRA, which prescribes allowed pleadings. Compiler's notes. — The rules of civil procedure govern the procedure in the district courts of New Mexico in all suits of a civil nature whether cognizable as cases at law or in equity, with exceptions, and provide that there shall be one form of action which shall be known as a "civil action." See Rules 1-001 and 1-002 NMRA. Time runs from delivery for six months. — On assignments of contracts for the sale of land made by a debtor in contemplation of insolvency and with a design to prefer one or more creditors, which operate as assignments and transfers of all the property and effects of such debtor and inure to the benefit of all his creditors, subject to the control of courts of equity action upon the complaint of any interested person, must be filed within six months after such assignments or transfers are legally lodged for record or the delivery of the property. Early Times Distillery Co. v. Zeiger, 1902-NMSC-001, 11 N.M. 221, 67 P. 734. Time when suit barred. — Right to sue under this section was lost where seven months and a half had elapsed between the delivery of the property or effects transferred, and the time of filing bill. Early Times Distillery Co. v. Zeiger, 1902-NMSC-001, 11 N.M. 221, 67 P. 734; Early Times Distillery Co. v. Zeiger, 1897-NMSC-008, 9 N.M. 31, 49 P. 723. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors § 135. 6A C.J.S. Assignments for Benefit of Creditors § 135.
NM Stat § 56-9-3 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-3 - [Parties; order for creditors to appear; publication of notice.]

Any number of persons interested may unite as complainants in the bill of complaint; but it shall not be necessary to make any persons defendants, except the debtor and transferee; such bill of complaint shall state the amount of the debts of the defendant debtor, so far as known to the complainant, and in such action the court shall make an order for such of the creditors of the defendant debtor as are not joined as defendants in the bill of complaint, to appear before a master to be appointed by the court and prove their claims before a certain day to be named in the order, notice of which shall be given by advertisement in a newspaper; or if none be published in the county, then by such other mode as the court may judge best calculated to give such creditors actual notice of the order; and in addition to the advertisement in a newspaper, the court may direct publication in other modes. A creditor appearing before the master and presenting his claim shall thereby become a party to the action and be concluded by the final judgment of the court allowing or rejecting his claim. Any creditor who shall fail to appear and prove his claim agreeable to such order shall be precluded from participation in the distribution of the assets of the debtor hereinafter provided for. History: Laws 1889, ch. 67, § 3; C.L. 1897, § 2820; Code 1915, § 276; C.S. 1929, § 7-103; 1941 Comp., § 23-103; 1953 Comp., § 27-1-3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — Rule 1-007A NMRA designates the allowed pleadings and speaks of a "complaint," not a "bill of complaint." Rule 1-003 NMRA provides that a complaint commences a civil action. Cross references. — For publication of notice, see Chapter 14, Article 11 NMSA 1978. For joinder of parties, see Rule 1-020A NMRA. For class actions, see Rule 1-023 NMRA. A creditor does not have to secure judgment before he can go into court to set aside a fraudulent conveyance; it is not the existence or non-existence of the debt which gives the court jurisdiction, but the fraudulent conveyance. Grunsfeld Bros. v. Brownell, 1904-NMSC-014, 12 N.M. 192, 76 P. 310; Early Times Distillery Co. v. Zeiger, 1897-NMSC-009, 9 N.M. 45, 49 P. 1118; Early Times Distillery Co. v. Zeiger, 1897-NMSC-008, 9 N.M. 31, 49 P. 723. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignment for Benefit of Creditors §§ 7, 23, 33, 81, 97, 122, 125, 130, 138. 6A C.J.S. Assignments for Benefit of Creditors §§ 59, 134.
NM Stat § 56-9-4 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-4 - [Surrender of property to receiver.]

The court or judge may at any time, pending the action, and upon such terms as it shall be deemed proper, compel the transferee to surrender to a receiver of the court, all property and effects in his possession, or under his control; and it may make such orders respecting the property as courts of law are now allowed to make concerning attached property. And when it is decided that a sale, mortgage or assignment was made in contemplation of insolvency and with the design to prefer one or more creditors to the exclusion in whole or in part, of others, the court shall compel the debtor to surrender to such receiver all property and effects in his possession or under his control, except such property as is exempt from executions, to disclose the amount of his debts, the names and residence of his creditors, all offsets and defenses to any claims against him, or any other matter which shall be deemed proper; and the court shall also compel every person who shall acquire by purchase, assignment or otherwise, any property or effects from such debtor, after the suit contemplated by this chapter shall have been instituted, to surrender the same to such receiver. History: Laws 1889, ch. 67, § 4; C.L. 1897, § 2821; Code 1915, § 277; C.S. 1929, § 7-104; 1941 Comp., § 23-104; 1953 Comp., § 27-1-4. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — For the meaning of "courts of law," see Rules 1-001 and 1-002 NMRA which provide that the rules govern procedure in the New Mexico district courts in all suits of a civil nature, with exceptions, and provide that there is one form of action, known as a civil action. There is no provision for a "court of law." The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978. Cross references. — For exemptions from execution, see 42-10-1 to 42-10-13 NMSA 1978. For appointment of receivers, see Rule 1-066 NMRA. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 78, 121, 134. 6A C.J.S. Assignments for Benefit of Creditors §§ 4, 10.
NM Stat § 56-9-5 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-5 - [Distribution of assets; final judgment; appeal.]

The court may make distribution of the assets on hand from time to time, and the decision of the court at the time of any distribution, allowing or disallowing any claim, shall be held final judgment, and may be appealed from as other final judgment. History: Laws 1889, ch. 67, § 5; C.L. 1897, § 2822; Code 1915, § 278; C.S. 1929, § 7-105; 1941 Comp., § 23-105; 1953 Comp., § 27-1-5. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 138, 140, 211 to 213. 6A C.J.S. Assignments for Benefit of Creditors §§ 85 to 111.
NM Stat § 56-9-6 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-6 - [Writ of ne exeat or attachment.]

The court or judge may grant against such debtor a writ of ne exeat or attachment in chancery, as for contempt, when it shall be made to appear, by affidavit, that such writ or attachment is necessary to secure the surrender or disclosures provided for herein. History: Laws 1889, ch. 67, § 6; C.L. 1897, § 2823; Code 1915, § 279; C.S. 1929, § 7-106; 1941 Comp., § 23-106; 1953 Comp., § 27-1-6. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6A C.J.S. Assignments for Benefit of Creditors §§ 4, 9, 76.
NM Stat § 56-9-7 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-7 - [Claims of creditors; verification.]

The claims of creditors shall be verified by the oath of the creditor, his agent or attorney, before any portion of the assets shall be received thereon. History: Laws 1889, ch. 67, § 7; C.L. 1897, § 2824; Code 1915, § 280; C.S. 1929, § 7-107; 1941 Comp., § 23-107; 1953 Comp., § 27-1-7. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 125, 126. 6A C.J.S. Assignments for Benefit of Creditors §§ 133 to 136, 142.
NM Stat § 56-9-8 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-8 - [Voluntary assignment; assignment not operative until execution of bond; action on bond.]

In case of any voluntary assignment for the benefit of creditors, such assignment shall not become operative and the assignee shall not enter into the possession of the property assigned until he shall have executed a good and sufficient bond to the state of New Mexico in a sum to be fixed by the judge of the district court of the county of the assignor's residence, which sum shall not be less than double the value of the property assigned; which value shall be ascertained by proof satisfactory to such district judge before the approval of the bond, conditioned for the faithful performance of all his duties as such assignee, and for the payment to the parties entitled thereto, promptly and without delay, of all sums of money which may come into his hands as such assignee. And any person aggrieved may maintain an action upon the said bond in his own name, or in the name of the state, on his relation, in any district court of this state having jurisdiction. History: Laws 1889, ch. 67, § 8; C.L. 1897, § 2825; Code 1915, § 281; C.S. 1929, § 7-108; 1941 Comp., § 23-108; 1953 Comp., § 27-1-8. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — This section and 56-9-9 NMSA 1978, relating to voluntary assignments, may be affected by Laws 1889, ch. 71, §§ 1 to 44, compiled presently as 56-9-10 to 56-9-53 NMSA 1978, relating to the same subject. Laws 1889, ch. 67, became effective on February 19, 1889, while Laws 1889, ch. 71, became effective on February 20, 1889. Provisions concerning assignee's bond in the later act are in 56-9-18 NMSA 1978. Liberally construed. — The law providing for a general assignment for the benefit of all the insolvent's creditors should receive a liberal construction. Schofield v. Folsom, 1894-NMSC-015, 7 N.M. 601, 38 P. 251. Section covers voluntary assignments only. — Notwithstanding that the general purpose of the act is to prevent preference among creditors, and to create out of any such preference an involuntary assignment, this section was evidently incorporated into it as a piece of legislation designed for a wholly different purpose, and relates, by its terms, to voluntary, rather than involuntary, assignments. Schofield v. Folsom, 1894-NMSC-015, 7 N.M. 601, 38 P. 251. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur.2d Assignments for Benefit of Creditors §§ 3, 136 to 138. 6A C.J.S. Assignments for Benefit of Creditors §§ 2, 48.
NM Stat § 56-9-9 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-9 - [Failure of assignee to settle estate; suit to compel settlement.]

In case of any voluntary assignment, referred to in Section 56-9-8 NMSA 1978, if the assignee shall fail within twelve months to settle up the estate of his assignor and distribute the proceeds thereof among the creditors entitled thereto, any creditor aggrieved may file a bill of complaint in any district court having jurisdiction of the subject matter and the parties to compel such settlement and distribution and thereupon such suit shall proceed in the manner prescribed by this chapter for the proving of claims and the distribution of assets in cases of involuntary assignment. History: Laws 1889, ch. 67, § 9; C.L. 1897, § 2826; Code 1915, § 282; C.S. 1929, § 7-109; 1941 Comp., § 23-109; 1953 Comp., § 27-1-9. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — Rule 1-007A NMRA designates the allowed pleadings and speaks of a "complaint," not a "bill of complaint." Rule 1-003 NMRA provides that a complaint commences a civil action. The words "in this chapter," the first time they appear, were inserted by the 1915 Code compilers; the words "this chapter," the second time they appear, were substituted for "this act." Presumably, "this chapter" refers to 56-9-1 to 56-9-55 NMSA 1978, whereas "this act" refers only to Laws 1889, ch. 67, §§ 1 to 9, presently compiled as 56-9-1 to 56-9-9 NMSA 1978. Cross references. — For voluntary assignments, see 56-9-1 to 56-9-7 NMSA 1978. For provisions concerning voluntary assignments, see compiler's note to 56-9-8 NMSA 1978. For provisions dealing with assignee's failure to settle, see 56-9-25 NMSA 1978. For provisions dealing with the time for payment of claims, see 56-9-41 NMSA 1978.
NM Stat § 56-9-11 (2021)
2021 New Mexico Statutes|Chapter 56 - Commercial Instruments and Transactions|Article 9 - Transfers to Prefer Creditors - Voluntary Assignments|Section 56-9-11 - [Inventory by assignee.]

It shall be the duty of the assignee, within ten days after the execution and delivery of the deed of assignment, to file in the office of the clerk of the district court of the county in which the assignor, or if there be more than one, in which any of them shall reside, unless longer time be allowed by the judge of the court for good cause shown, an inventory of the property, effects and things assigned. History: Laws 1889, ch. 71, § 2; C.L. 1897, § 2828; Code 1915, § 284; C.S. 1929, § 7-111; 1941 Comp., § 23-111; 1953 Comp., § 27-1-11. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 30, 31, 67, 100, 138. Trademark or trade name as asset in case of assignment for creditors, 44 A.L.R. 706. 6A C.J.S. Assignments for Benefit of Creditors §§ 48, 61, 66, 116.