Terms Used In New Mexico Statutes 3-60A-38

  • 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
  • mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • trustee: A person or institution holding and administering property in trust.
(1979)