Terms Used In New Mexico Statutes 3-60A-12

  • contract: A legal written agreement that becomes binding when signed.
  • lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1979)