New Mexico Statutes 39-5-1.1. Judicial sales of perishable property; court order; petition;
hearing.
Terms Used In New Mexico Statutes 39-5-1.1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
In all cases of the sale of perishable goods by virtue of any execution or other process pursuant to the provisions of Section 39-5-1 N.M. Stat. Ann. or by virtue of the foreclosure of a landlord’s lien pursuant to the provisions of Section 48-3-14 N.M. Stat. Ann., when the property being sold is of a perishable nature and liable to be lost or diminished in value before the time for the notice required for such sale has elapsed, the judgment creditor or the lienholder may petition the judge of the district court having jurisdiction, setting forth the kind, nature and condition of the property being sold, its approximate value and the possibility of damage to its value. If the judge finds the petition sufficient in form and conditions, he may hear testimony of witnesses as to the property and if he believes that the interests of both the owner of the goods and the lienholder or judgment creditor will be protected by the sale, he may order such sale to be made, may order the posting of appropriate security and may direct the manner of such sale.