2023 New Mexico Statutes › Chapter 48 - Liens and Mortgages › Article 10 - Deeds of Trust › Section 48-10-10 - Sale of trust real estate; power of trustee; foreclosure of deed of trust.

A. By virtue of the trustee's position, a power of sale is conferred upon the trustee of a deed of trust under which the trust real estate may be sold as provided in the Deed of Trust Act after a breach or default in performance of the contract for which the trust real estate is granted or mortgaged as security or a breach or default in performance of the deed of trust. Except as specifically provided in the Deed of Trust Act, the trustee shall not delegate the duties of the trustee as provided in the Deed of Trust Act. At the option of the beneficiary, a deed of trust may be foreclosed in the manner provided by law for the foreclosure of mortgages on real estate. Either the beneficiary or the trustee shall constitute the proper and complete party plaintiff in any action to foreclose a deed of trust.
B. The trustee or beneficiary may commence an action to foreclose a deed of trust at any time before the trust real estate has been sold as provided in the power of sale. A sale of trust real estate as provided in a power of sale in a deed of trust shall not be held after an action to foreclose the deed of trust has been commenced unless the foreclosure action has been dismissed.
C. The power of sale of trust real estate conferred upon the trustee shall not be exercised before the expiration of ninety days from the recording of the notice of the sale.
D. The trustee need only be joined as a party in separate civil actions pertaining to a breach of an obligation of a trustee as provided in the Deed of Trust Act or as provided in the deed of trust. Any order of the court entered against the beneficiary is binding upon the trustee with respect to any actions that the trustee is authorized to take by the deed of trust or by the Deed of Trust Act. If the trustee is joined as a party in any other separate civil action, other than an action in which the trustee is an indispensable or necessary party, the trustee is entitled to be immediately dismissed and to recover the costs and reasonable attorney fees actually incurred by the trustee from the person joining the trustee and from the beneficiary, jointly and severally.
History:
Laws 1987, ch. 61, § 10; 1993, ch. 145, § 4; 2006, ch. 32, § 3.
ANNOTATIONS
The 2006 amendment,
effective May 17, 2006, in Subsection C, deleted the former reference to trust real estate for commercial or business loans; changed the minimum time to exercise the power of sale from 180 days to 90 days; and deleted the provision with respect to low-income household loans that the power of sale shall not be exercised before the expiration of 45 days from recording the notice of sale.
The 1993 amendment,
effective June 18, 1993, in Subsection C, inserted "as to trust real estate for commercial or business loans" in the first sentence and added the second sentence; and made a stylistic change in the second sentence of Subsection D.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Mortgage foreclosure forbearance statutes - modern status, 83 A.L.R.4th 243.