The enforcement of an assignment of rents by one or more of the methods identified in Sections 7, 8 and 9 [56-15-7, 56-15-8 and 56-15-9 NMSA 1978] of the Uniform Assignment of Rents Act, the application of proceeds by the assignee pursuant to Section 12 [56-15-12 NMSA 1978] of that act after enforcement, the payment of expenses pursuant to Section 13 [56-15-13 NMSA 1978] of that act or an action pursuant to Subsection D of Section 14 [56-15-14 NMSA 1978] of that act does not:

A.   make the assignee a mortgagee in possession of the real property;

B.   make the assignee an agent of the assignor;

C.   constitute an election of remedies that precludes a later action to enforce the secured obligation;

D.   make the secured obligation unenforceable; or

E.   limit any right available to the assignee with respect to the secured obligation.

History: Laws 2011, ch. 141, § 11.

Terms Used In New Mexico Statutes 56-15-11

  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • 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.