New Mexico § 19-1-3 - Delinquent payments; interest
Full text of New Mexico New Mexico Statutes Annotated § 19-1-3 — Delinquent payments; interest, with citation guidance and answers to common questions.
§ 19-1-3. Delinquent payments; interest
When entering into contracts for the sale, lease or other disposition of public lands
under his jurisdiction, the commissioner of public lands is authorized to contract
for payment of interest on any payment of rental, royalty, principal interest or other
indebtedness which becomes delinquent. Interest on delinquent payments shall not exceed the rate of one percent a month
nor be less than one-half percent a month, for any fraction of a month. Interest shall accrue from the date the payment becomes due.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 19-1-3
What does New Mexico Statutes Annotated § 19-1-3 cover?
Section 19-1-3 ("Delinquent payments; interest") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 19-1-3?
A common citation format is "New Mexico Statutes Annotated § 19-1-3" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 19-1-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.