Terms Used In New Mexico Statutes 3-60A-23.1

  • contract: A legal written agreement that becomes binding when signed.
  • deed: The legal instrument used to transfer title in real property from one person to another.
  • interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • lien: A claim against real or personal property in satisfaction of a debt.
  • misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • personal property: All property that is not real property.
  • real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2000)