§ 45-3-701 Time of accrual of duties and powers
§ 45-3-702 Priority among different letters
§ 45-3-703 General duties; relation and liability to persons interested in estate; standing to sue
§ 45-3-704 Personal representative to proceed without court order;
§ 45-3-705 Duty of personal representative; notice to heirs and devisees
§ 45-3-706 Duty of personal representative; inventory and appraisement
§ 45-3-707 Employment of appraisers
§ 45-3-708 Duty of personal representative; supplementary inventory
§ 45-3-709 Duty of personal representative; possession of estate
§ 45-3-710 Power to avoid transfers
§ 45-3-711 Powers of personal representatives; in general
§ 45-3-712 Improper exercise of power; breach of fiduciary duty
§ 45-3-713 Sale, encumbrance or transaction involving conflict of interest; voidable; exceptions
§ 45-3-714 Persons dealing with personal representative; protection
§ 45-3-715 Transactions authorized for personal representatives;
§ 45-3-716 Powers and duties of successor personal representative
§ 45-3-717 Co-representatives; when joint action required
§ 45-3-718 Powers of surviving personal representative
§ 45-3-719 Compensation for personal representatives
§ 45-3-720 Expenses in estate litigation
§ 45-3-721 Proceedings for review of employment and compensation
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Terms Used In New Mexico Statutes > Chapter 45 > Article 3 > Part 7

  • 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.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Intestate: Dying without leaving a will.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.