New Mexico § 19-7-41 - Foreclosure of assignments; rights of purchaser
Full text of New Mexico New Mexico Statutes Annotated § 19-7-41 — Foreclosure of assignments; rights of purchaser, with citation guidance and answers to common questions.
§ 19-7-41. Foreclosure of assignments; rights of purchaser
The collateral assignments of record in the state land office upon grazing leases
may be foreclosed in the manner provided by law for the foreclosure of chattel mortgages,
and the collateral assignments of record in the state land office upon state purchase
contracts may be foreclosed in the manner provided by law for the foreclosure of mortgages
on real estate, and the purchaser at any sale under such foreclosure, if otherwise
qualified to lease or purchase state land, as the case may be, on the filing with
the commissioner of public lands of the transfer to him of any such lease or purchase
contract, pursuant to any such foreclosure sale, and the payment of all delinquent
payments on the lease or purchase contract so transferred, shall be entitled to a
new lease or purchase contract on his compliance with all the conditions governing
the lease or purchase of state lands, now or hereafter provided by law, or by regulation
of the commissioner of public lands; provided, however, that in the event the collateral
assignment foreclosed was subject to or inferior to a prior assignment, a purchaser
at such foreclosure sale shall take such new lease or purchase contract subject to
all prior assignments filed and approved in accordance with this act. Any purchaser at such foreclosure sale shall also be entitled to the improvements
on the lands covered by the lease or purchase contract purchased by him and to all
rights of renewal of any such lease held by the original lessee; subject, however,
to the rights of the holders of any prior assignments of record in the state land
office.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 19-7-41
What does New Mexico Statutes Annotated § 19-7-41 cover?
Section 19-7-41 ("Foreclosure of assignments; rights of purchaser") 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 § 19-7-41?
A common citation format is "New Mexico Statutes Annotated § 19-7-41" (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 § 19-7-41 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.