New Mexico Statutes 56-15-12. Application of proceeds
Unless otherwise agreed, an assignee that collects rents pursuant to the Uniform Assignment of Rents Act or collects upon a judgment in an action pursuant to Subsection D of Section 14 [56-15-14 N.M. Stat. Ann.] of that act shall apply the sums collected in the following order to:
Terms Used In New Mexico Statutes 56-15-12
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
A. the assignee’s reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by any law of New Mexico other than the Uniform Assignment of Rents Act, reasonable attorney fees and costs incurred by the assignee;
B. reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment;
C. payment of the secured obligation;
D. payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignor and assignee receive a notification from the holder of the interest or lien demanding payment of the proceeds; and
E. the assignor.