The payment of securities shall not be secured by an encumbrance, mortgage or other pledge of property of the authority, except for revenues, income, tax proceeds and other money pledged for the payment of securities. No property of the authority, subject to such exception, shall be liable to be forfeited or taken in payment of the securities.

Terms Used In New Mexico Statutes 74-10-51

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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