New Mexico § 42-5-7 - Finding that property cannot be partitioned; appraisal; report of commissioners; contest of report; hearing; sale

§ 42-5-7. Finding that property cannot be partitioned; appraisal; report of commissioners; contest of report; hearing; sale

A. Should the commissioners be of the opinion that the real estate is so circumstanced

that a partition thereof cannot be made without manifest prejudice to the owners or

proprietors of the same, they shall proceed to appraise the real estate at its cash

value at the time, deducting the amount of all liens and encumbrances against such

real estate, and the commissioners shall so report to the court and file with their

said report a written appraisal. Any party to the action who shall have been adjudged by the court to have an interest

in the real estate appraised, may within ten days from the date of filing of said

report and appraisal contest said report or said appraisal, and for such purpose shall

file in the cause an affidavit setting forth wherein said report, appraisal or both

is incorrect; provided, that the affidavit shall put in issue only the value of the

real estate as shown by the appraisal and the question as to whether or not the real

estate is so circumstanced that a partition hereof cannot be had without manifest

prejudice to the owners or proprietors thereof, and the court shall hear proof touching

the matters set forth in the affidavit, and if the report or the appraisal shall be

found by the court to be incorrect, the court shall determine the value of the real

estate and whether or not the real estate can be divided without manifest prejudice

to the owners or proprietors thereof. If the report or appraisal shall be found by the court to be correct the same shall

be confirmed by the court. In the event the report of the commissioners shall not be contested within the time

above provided, or in the event the report of the commissioners shall be confirmed

by the court, the court, in its discretion, may order the premises to be sold at public

or private sale, providing in the order for reasonable public notice of such sale

on such terms and conditions as it may prescribe; provided, that if the court does

not order such sale to be made for cash, a cash payment of not less than one-quarter

of the purchase money shall be required by the court, to be made to the person or

persons, who shall be appointed by the court to make such sale, by the purchaser of

such land at the time of such sale, the balance of such purchase price to be paid

and secured in such manner as the court shall direct. If sale is made at private sale, same shall be made for not less than its full value

as determined as aforesaid. If the value determined as aforesaid shall be less than ten thousand dollars ($10,000)

the court shall authorize sale of the property at a public sale to the highest and

best bidder thereat. If such value determined as aforesaid shall be ten thousand dollars ($10,000) or

more, public sale of said property shall not be made for less than two-thirds of its

value as so determined and fixed. Any sale hereunder shall be subject to any and all liens deducted as provided herein

in making the appraisal. B. The person or persons who shall be appointed by the court to make sale of said

real estate shall make and execute good and sufficient conveyance or conveyances to

the purchaser or purchasers thereof which shall operate as an effectual bar both in

law and equity against such owners and proprietors, parties to the proceedings, and

all persons claiming [under] them; and the person or persons making such sale shall

report their proceedings to the court and shall pay over the moneys arising therefrom

to the parties entitled to receive the same under the direction of the court.