That any irrigation district organized and existing under and by virtue of Chapter 20, Session Laws of New Mexico 1919, may succeed to all the rights, assets, privileges and immunities, and assume all the obligations, duties and liabilities of any water users’ association organized and existing under the laws of New Mexico, by conveyance and simple contract; and any election heretofore or hereafter called and held at which a majority of the members or stockholders of such association voting at such election shall favor or shall have favored such succession and assumption, shall be sufficient authority for the directors of such district and of such association to execute and put into effect such conveyances and such contracts; and no action or defense drawing in question, directly or indirectly, the validity or effectiveness of such transfer, succession or assumption, shall be brought, maintained or set up except within one year from and after the filing for record of any such contract, transfer or conveyance; and in case of any such contract, transfer or conveyance, the same shall be filed for record in the office of the county clerk of the county where the principal office of such association is situate, and where the principal office of such district is situate and also in each county where the real estate is situate belonging to either such district or association.

Terms Used In New Mexico Statutes 73-10-45

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.