New Mexico Statutes 47-1-19. [Rights of heirs of life tenant when made remaindermen.]
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When the remainder of a possession is limited to the heirs or heirs of the body of a person who holds said property as a life estate, in these premises the persons who at the termination of said life estate, are to be heirs or heirs of the body of said life estate, shall be authorized to purchase the same [take as purchasers] by virtue of the remainder of the possession so limited in them.
Terms Used In New Mexico Statutes 47-1-19
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.