New Mexico § 45-3-809 - Secured claims
Full text of New Mexico New Mexico Statutes Annotated § 45-3-809 — Secured claims, with citation guidance and answers to common questions.
§ 45-3-809. Secured claims
Payment of a secured claim is upon the basis of the amount allowed if the creditor
surrenders his security; otherwise payment is upon the basis of one of the following: A. if the creditor exhausts his security before receiving payment (unless precluded
by other law), upon the amount of the claim allowed less the fair value of the security;
or B. if the creditor does not have the right to exhaust his security or has not done
so, upon the amount of the claim allowed less the fair value of the security determined,
if applicable, by the terms of the agreement pursuant to which the security was delivered
to the creditor, or by the creditor and personal representative by agreement, arbitration,
compromise or litigation.
Frequently Asked Questions About New Mexico § 45-3-809
What does New Mexico Statutes Annotated § 45-3-809 cover?
Section 45-3-809 ("Secured claims") 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 § 45-3-809?
A common citation format is "New Mexico Statutes Annotated § 45-3-809" (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 § 45-3-809 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.