reglab/housing_qa huggingface dataset:
NM Stat § 48-7-4.1 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-4.1 - Alternative form of release of mortgage; filing by title insurer.

A. If, within ninety days after full satisfaction of a debt or evidence of debt secured by a mortgage or deed of trust upon any real estate, evidence of the full satisfaction has not been recorded pursuant to the provisions of Section 48-7-4 NMSA 1978, a title insurer may prepare and record a release of the mortgage or deed of trust; provided, however, no release shall be recorded by the title insurer unless the insurer has, no later than ten days prior to the date of recording, mailed notice of the intent to record to the last known address of the mortgagee, the trustee and beneficiary of a deed of trust or the assignee of record of the debt or evidence of debt. B. A release recorded pursuant to this section shall include: (1) the name of the mortgagee or trustee and beneficiary; (2) the name of the mortgagor or trustor; (3) the recording reference to the mortgage or deed of trust; (4) a recital that the obligation secured by the mortgage or deed of trust has been paid in full; and (5) the date and amount of payment. C. A release recorded pursuant to this section shall be deemed to be the equivalent of a release recorded pursuant to Section 48-7-4 NMSA 1978. D. In addition to any other remedy, a title insurer recording a release pursuant to this section shall be liable to any mortgagee or beneficiary of a deed of trust for damages, including attorney fees, that the mortgagee or beneficiary of a deed of trust may sustain by reason of the wrongful recording of a release of mortgage or deed of trust. E. Nothing in this section relieves a person from an obligation to record a full satisfaction or release pursuant to Section 48-7-4 NMSA 1978 or from the imposition of a penalty for failure to record a full satisfaction or release pursuant to Section 48-7-5 NMSA 1978. F. A title insurer may charge a reasonable fee to the mortgagee for the preparation and recording of the release of mortgage. History: Laws 2003, ch. 245, § 1. ANNOTATIONSCross references. — For forms related to mortgage and release, see 47-1-44 NMSA 1978. Effective dates. — Laws 2003, ch. 245 contained no effective date provision, but, pursuant to N.M. Const., art. IV. § 23, was effective June 20, 2003, 90 days after adjournment of the legislation.
NM Stat § 48-7-5 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-5 - [Failure to release; penalty; civil liability.]

Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-five dollars [($25.00)], and shall be liable in a civil action to the owner of such real estate for all costs of clearing the title to said property including a reasonable attorney's fee. History: Laws 1909, ch. 51, § 2; Code 1915, § 4777; C.S. 1929, § 117-121; 1941 Comp., § 63-405; 1953 Comp., § 61-7-5. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For justice of the peace construed to refer to magistrate court, see 35-1-38 NMSA 1978. Pursuant to Laws 1968, ch. 62, § 40, "magistrate" was inserted in brackets throughout this section. Ejectment denied where parties contemplated new mortgage. — Ejectment was denied where no consideration had been paid for unrecorded satisfaction of a real estate mortgage, parties having contemplated that a new mortgage was to be given in place of it, though the transaction was never carried out, so that the purported satisfaction of the old mortgage had never become effective. Davis v. Savage, 1946-NMSC-011, 50 N.M. 30, 168 P.2d 851. Am. Jur. 2d, A.L.R. and C.J.S. references. — 55 Am. Jur. 2d Mortgages §§ 436 et seq., 1088 et seq. Validity and construction of statute allowing penalty and damages against mortgagee refusing to discharge mortgage on real property, 56 A.L.R. 335. Damages recoverable for real estate mortgagee's refusal to discharge mortgage or give partial release therefrom, 8 A.L.R.4th 853. 59 C.J.S. Mortgages § 474.
NM Stat § 48-7-6 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-6 - [Release by administrator or executor of deceased mortgagee.]

When the mortgagee of any land or tenements shall die leaving minor heirs, the executors or administrators of such mortgagee shall be and are hereby authorized, on receiving the amount due the estate of such deceased mortgage [mortgagee], to release to the mortgagor the legal title of the said mortgaged premises, and such deed of release shall be valid. History: Laws 1884, ch. 29, § 30; C.L. 1884, § 2255; C.L. 1897, § 2092; Code 1915, § 4778; C.S. 1929, § 117-122; 1941 Comp., § 63-406; 1953 Comp., § 61-7-6. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — This section was enacted as part of a law relating to the real estate of decedents, the remaining sections of which were almost entirely superseded by a similar law, former 31-7-9, 31-7-10, 31-7-14 to 31-7-34, 1953 Comp. (now repealed). For present provisions relating to property of decedents, see Uniform Probate Code, Chapter 45 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — Foreign executor's or administrator's right to discharge mortgage, 10 A.L.R. 283. 33 C.J.S. Executors and Administrators § 181.
NM Stat § 48-7-8 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-8 - Mortgage escrow funds; limitation; credit against principal.

A. A monthly charge may be held in escrow by a mortgagee for the payment of taxes, insurance premiums and other charges required by the terms of a mortgage subject to the restrictions in Subsection B of this section. B. Any balance in the escrow fund, exceeding two months' total escrow charges for future taxes, insurance premiums or other required charges, plus the pro rata accrual for such taxes, premiums and other charges, upon the demand of the mortgagor but not more than once each year, shall be credited to the principal amount of the mortgage as provided in Subsection B, or as provided by the contractual agreement, within sixty days of the demand. C. Failure of a mortgagee to credit upon demand any excess accumulation of escrow funds as provided in Subsection B of this section shall cause [a] penalty at the rate of six percent per year to run on the amount of such excess accumulation of escrow funds which penalty shall be payable to the mortgagor. History: 1953 Comp., § 61-7-8, enacted by Laws 1971, ch. 175, § 1. 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. — 28 Am. Jur. 2d Escrow § 2; 54A Am. Jur. 2d Mortgages §§ 2, 154, 155, 157. Acceptance of past-due interest as waiver of clause in mortgage, 97 A.L.R.2d 997. Rights in funds representing "escrow" payments made by mortgagor in advance to cover taxes or insurance, 50 A.L.R.3d 697. 59 C.J.S. Mortgages §§ 246, 418.
NM Stat § 48-7-9 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-9 - Mortgages; future advances; lien.

Every mortgage or other instrument securing a loan upon real estate and constituting a lien, or the full equivalent thereof, upon the real estate securing such loan, may secure future advances and the lien of such mortgage shall attach upon its execution and have priority from the time of recording as to all advances, whether obligatory or discretionary, made thereunder until such mortgage is released of record; provided, that the lien of such mortgage shall not exceed at any one time the maximum amount stated in the mortgage. History: 1953 Comp., § 61-7-9, enacted by Laws 1975, ch. 61, § 1. ANNOTATIONSRecording statutes provide notice and indicate limits of financing. — In lending money secured by property, recording statutes provide for notice to other potential lenders and indicate the upper limits of that financing. N.M. Bank & Trust Co. v. Lucas Bros., 1978-NMSC-062, 92 N.M. 2, 582 P.2d 379. Certainty of extent to which mortgage encumbers property required. — Because potential lenders rely upon recorded mortgages to determine whether to make other loans, there must be certainty as to the extent to which a mortgage encumbers property. N.M. Bank & Trust Co. v. Lucas Bros., 1978-NMSC-062, 92 N.M. 2, 582 P.2d 379. Section does not require that subsequent advances make reference to previous mortgage with the future advance clause for that clause to operate. In re Davis, 44 Bankr. 88 (Bankr. D.N.M. 1984). Amount secured by mortgage. — This section should be read to mean that the amount secured by the mortgage shall not exceed the maximum amount stated in the mortgage. Any excess would be unsecured. Pioneer Sav. & Trust v. Rue, 1989-NMSC-079, 109 N.M. 228, 784 P.2d 415.
NM Stat § 48-7-10 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-10 - Mortgages; insurance proceeds.

Where there is a mortgage of a single family residence securing a loan and where there are no federal regulations to the contrary, the mortgagor may require the proceeds of any insurance policy, which are payable by reason of damage to or destruction of the mortgaged property and which would otherwise be payable to the mortgagee, to be held jointly by the mortgagor and the mortgagee in an escrow account and to be applied toward the repair or replacement of the damaged property. Provided that it shall first be reasonably established to the satisfaction of the mortgagee that such repair or replacement will restore the mortgaged property to a value at least equal to the balance remaining on the obligation, at the time the damage or destruction occurred, secured by the mortgage. History: 1953 Comp., § 61-7-10, enacted by Laws 1975, ch. 184, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 54A Am. Jur. 2d Mortgages §§ 65 et seq., 83 et seq.; 55 Am. Jur. 2d Mortgages § 1177. Right of mortgagee to proceeds of property insurance payable to owner not bound to carry insurance for former's benefit, 9 A.L.R.2d 299. Fraud, false swearing or other misconduct of insured as affecting right of innocent mortgagee or loss payee to recover on property insurance, 24 A.L.R.3d 435. Right of mortgagee to notice by insurer of expiration of fire insurance policy, 60 A.L.R.3d 164. Failure to keep up insurance as justifying foreclosure under acceleration provision in mortgage or deed of trust, 69 A.L.R.3d 774. Right of mortgagee, who acquires title to mortgaged premises in satisfaction of mortgage, to recover, under fire insurance policy covering him as "mortgagee," for loss or injury to property thereafter damaged or destroyed by fire, 19 A.L.R.4th 778. 59 C.J.S. Mortgages §§ 175 to 177, 203, 210, 240, 368.
NM Stat § 48-7-10.1 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-10.1 - Repealed.

History: Laws 2003, ch. 200, § 1; 2005, ch. 191, § 4; repealed by Laws 2005, ch. 191, § 4.ANNOTATIONSRepeals. — Laws 2005, ch. 191, § 4, repealed 48-7-10.1 NMSA 1978, as enacted by Laws 2003, ch. 200, § 1, relating to available funds required at closings, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 58-21-23.1 and 58-21-23.2 NMSA 1978.
NM Stat § 48-7-11 to 48-7-14 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-11 to 48-7-14 - Repealed.

ANNOTATIONSRepeals. — Laws 1983, ch. 314, § 11, repealed 48-7-11 to 48-7-14 NMSA 1978, relating to due-on-sale clauses, effective April 7, 1983. For present provisions, see 48-7-15 to 48-7-24 NMSA 1978.
NM Stat § 48-7-16 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-16 - Definitions.

As used in this act [48-7-15 to 48-7-24 NMSA 1978]: A. "due-on-sale clause" means a provision in a contract involving a real property loan which authorizes a lender, at its option, to accelerate an indebtedness and declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest therein, is sold or transferred or, in the alternative, to demand an increase in the interest rate as a condition of approving an assumption of the loan; B. "lender" means a person or government agency making a real property loan or any assignee or transferee, in whole or in part, of such a person or agency; C. "mobile home" means a movable accommodation with not less than four hundred square feet of floor space used or designed for use as living quarters; and D. "real property loan" means a loan, mortgage, advance or credit sale secured by a lien on real property, the stock allocated to a dwelling unit in a cooperative housing corporation, or a mobile home, whether real or personal property. History: Laws 1983, ch. 314, § 2.
NM Stat § 48-7-17 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-17 - Due-on-sale generally enforceable.

Notwithstanding any provision of the statutory or common laws of this state to the contrary, a lender may enter into or enforce a contract containing a due-on-sale clause with respect to a real property loan, except as provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of this act. History: Laws 1983, ch. 314, § 3. ANNOTATIONSNot restraint on alienation. — Due-on-sale clauses in a commercial mortgage are not a restraint on alienation of property. Brummund v. First Nat'l Bank, 1983-NMSC-002, 99 N.M. 221, 656 P.2d 884; Quintana v. First Interstate Bank, 1987-NMCA-062, 105 N.M. 784, 737 P.2d 896. Law reviews. — For annual survey of New Mexico law relating to property, see 12 N.M.L. Rev. 459 (1982). Am. Jur. 2d, A.L.R. and C.J.S. references. — Validity, construction, and application of provisions entitling mortgagee to increase interest rate on transfer of mortgaged property, 92 A.L.R.3d 822. What transfers justify acceleration under "due-on-sale" clause of real estate mortgage, 22 A.L.R.4th 1266. Validity and enforceability of due-on-sale real-estate mortgage provisions, 61 A.L.R.4th 1070.
NM Stat § 48-7-18 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-18 - Real property loan contract controls.

Except as otherwise provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of this act, the exercise by the lender of its option pursuant to a due-on-sale clause shall be exclusively governed by the terms of the loan contract, and all rights and remedies of the lender and the borrower shall be fixed and governed by the contract. History: Laws 1983, ch. 314, § 4. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — What transfers justify acceleration under "due-on-sale" clause of real estate mortgage, 22 A.L.R.4th 1266.
NM Stat § 48-7-19 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-19 - Limitation of enforcement of regulated due-on-sale clauses.

A. In the exercise of its options under a due-on-sale clause, in a real property loan made or assumed between March 15, 1979 and October 15, 1982, a lender shall be prohibited from accelerating the indebtedness and declaring the loan due and payable and shall be limited in increasing the interest rate upon an assumption of the loan upon the transfer of the real property to the existing contract rate of interest plus an increase in the rate of interest not greater than two percentage points and a fee to transfer the real property loan of not greater than one percentage point of the unpaid principal balance of the real property loan at the time of the transfer. On each succeeding assumption of the real property loan on the same property, the lender may increase the contract rate of interest and charge the transfer fee as provided in the previous sentence. There shall be no enforcement of a prepayment penalty in said mortgages. B. In no case shall the rate of interest charged on an assumption as provided in Subsection A of this section exceed one percent above the most recent federal national mortgage association auction rate of interest at which bids were made, rounded to the nearest one-fourth of one percent. Upon closing, the lender shall disclose in writing to the party assuming the real property loan the most recent federal national mortgage association auction rate of interest referred to in this subsection. History: Laws 1983, ch. 314, § 5. ANNOTATIONSPrepayment penalty. — The prohibition on enforcement of a prepayment penalty in Subsection A is sufficiently justified by the significant and legitimate public purpose of promoting the alienability of land to withstand challenge under N.M. Const., Art. II, § 19. Los Quatros, Inc. v. State Farm Life Ins. Co., 1990-NMSC-082, 110 N.M. 750, 800 P.2d 184. The prohibition on enforcing prepayment bans, found in the last sentence of Subsection A, applies whether or not there has been a sale and whether or not the lender has sought to exercise its options under a due-on-sale clause. Los Quatros, Inc. v. State Farm Life Ins. Co., 1990-NMSC-082, 110 N.M. 750, 800 P.2d 184. Even if a prohibition on prepayment penalties is governed by the restriction on window-period loans in the Garn - St. Germain Act (12 U.S.C. § 1701 j-3(b)(1)), that act does not prevent a state from enlarging the class of loans subject to the prohibition, so long as they are "real property loans" made or assumed during the window period. Los Quatros, Inc. v. State Farm Life Ins. Co., 1990-NMSC-082, 110 N.M. 750, 800 P.2d 184.
NM Stat § 48-7-20 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-20 - Limitation of exercise of all due-on-sale [options].

A lender may not exercise its option pursuant to a due-on-sale clause upon: A. the creation of a lien or other encumbrance subordinate to the lender's security instrument which does not relate to a transfer of rights of occupancy in the property; B. the creation of a purchase money security interest for household appliances; C. a transfer by devise, descent or operation of law on the death of a joint tenant or tenant by the entirety; D. the granting of a leasehold interest of three years or less not containing an option to purchase; E. a transfer to a relative resulting from the death of a borrower; F. a transfer where the spouse or children of the borrower become an owner of the property; G. a transfer resulting from a decree of a dissolution of marriage, legal separation agreement or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property; or H. a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property. History: Laws 1983, ch. 314, § 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. — What transfers justify acceleration under "due-on-sale" clause of real estate mortgage, 22 A.L.R.4th 1266.
NM Stat § 48-7-21 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-21 - Security; safeguard.

Any lender who feels the security interest is endangered by the transfer of a real property loan may proceed by foreclosure; provided that the lender shall, as a condition to such foreclosure, prove that the security interest in the property would be substantially impaired. History: Laws 1983, ch. 314, § 7.
NM Stat § 48-7-22 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-22 - Due-on-sale policy on nonregulated contracts.

In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to 48-7-24 NMSA 1978] shall be interpreted to prohibit any such assumption. History: Laws 1983, ch. 314, § 8.
NM Stat § 48-7-23 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-23 - Governmental entity limitation of act.

The provisions of Section 5 [48-7-19 NMSA 1978] of this act shall not apply to the transfer of a real property loan where the funds for the real property loans were provided through the issuance by a governmental entity or instrumentality of bonds the interest on which is exempt from federal income taxation and the transfer fails to conform to state and federal law governing the bonds. History: Laws 1983, ch. 314, § 9.
NM Stat § 48-7-24 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 7 - Mortgages|Section 48-7-24 - Attorney fees.

Attorney's fees shall be awarded to the prevailing party in any action brought under this act [48-7-15 to 48-7-24 NMSA 1978]. History: Laws 1983, ch. 314, § 10. ANNOTATIONSWhere attorney fees not authorized. — Where plaintiff brought a claim against defendant bank for failure to record the satisfaction of a mortgage pursuant to 48-7-4 NMSA 1978, it was error for the district court to award attorney fees pursuant to 48-7-24 NMSA 1978, because this section only authorizes attorney fees for actions brought under 48-7-15 through 48-7-24 NMSA 1978, and there was no theory presented at trial that 48-7-15 through 48-7-24 NMSA 1978 were violated. Dollens v. Wells Fargo Bank, 2015-NMCA-096.
NM Stat § 48-8-2 (2021)
2021 New Mexico Statutes|Chapter 48 - Liens and Mortgages|Article 8 - Hospital Liens|Section 48-8-2 - Filing and notice of hospital liens.

No hospital lien is effective upon damages recovered for personal injuries unless: A. a written notice is filed in the office of the county clerk of the county in which the hospital asserting the lien is located containing the following information: (1) an itemized statement of all claims certified as correct by an agent of such hospital; (2) the date of the accident; (3) the name and location of the hospital; and (4) the name of the person, firm or corporation alleged to be liable to the injured party for the injuries received; and B. the hospital sends by certified mail with return receipt requested, prior to the payment of any money to the injured person or his attorneys or legal representative as compensation for the patient's injuries, a copy of the written notice, together with a statement of the date of filing, to the person, firm or corporation alleged to be liable to the injured party for the injuries sustained. The person, firm or corporation alleged to be liable to the injured person shall, upon request of the hospital, disclose the name of the insurance carrier that has insured the person, firm or corporation against liability; and C. the hospital mails a copy of the written notice by certified mail with return receipt requested to the home office of any insurance carrier that has insured the person, firm or corporation against liability, if the name and address is known. History: 1953 Comp., § 61-9-2, enacted by Laws 1961, ch. 227, § 2. ANNOTATIONSSubstantial compliance sufficient for notice. — Substantial rather than strict compliance with the statutory notice provision satisfies the legislative intent. Sw. Cmty. Health Servs. v. Safeco Ins. Co., 1989-NMSC-042, 108 N.M. 570, 775 P.2d 1287. Notice held sufficient. — Hospital substantially complied with the statutory notice provision, where notice was mailed to the insurer's home office in Albuquerque rather than Seattle, after the insurer's agent assured the hospital that the Albuquerque office was sufficient for serving notice upon the insurer. Sw. Cmty. Health Servs. v. Safeco Ins. Co., 1989-NMSC-042, 108 N.M. 570, 775 P.2d 1287. Am. Jur. 2d, A.L.R. and C.J.S. references. — 41 C.J.S. Hospitals § 15.