New Mexico Statutes 48-2-5. Preference over other encumbrances
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A. The liens provided for in Sections 48-2-1 through 48-2-17 N.M. Stat. Ann. are preferred to any lien, mortgage or other encumbrance which may have attached subsequent to the time when the building, improvement or structure was commenced, work done or materials were commenced to be furnished; also to any lien, mortgage or other encumbrance of which the lienholder had no notice and which was unrecorded at the time the building, improvement or structure was commenced, work done or the materials were commenced to be furnished.
Terms Used In New Mexico Statutes 48-2-5
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
B. Liens filed by registered surveyors shall have priority equal with other mechanics’ and materialmen’s liens, but work performed by registered surveyors shall not constitute the commencement of construction.