New Mexico Statutes 48-7-7. Sale of real property under power of sale; allowed if trustor agrees
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Except as specifically provided in the Deed of Trust Act N.M. Stat. Ann. § 48-10-1 to 48-10-21, no real property or any interest in it shall be sold under any power of sale contained in any mortgage, mortgage deed, trust deed or any other written instrument having the effect of a mortgage, which has been executed subsequent to the effective date of Laws 1929, Chapter 139, Section 1.
Terms Used In New Mexico Statutes 48-7-7
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.