3-36-7. Application of proceeds from sale of property.
149 words·~1 min read·
/nm/chapter-3-municipalities/article-36-municipal-liens/3-36-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The proceeds of the sale of the property by the municipality pursuant to a foreclosure sale on a municipal lien under the provisions of Section 3-36-4 or 3-36-6 NMSA 1978 shall be applied as follows:
A. first, to the payment of costs in giving notice of the sale and of conducting the sale;
B. second, to the indebtedness claimed under the lien and thence to ad valorem taxes and other special assessments having a lien of the property which are coequal with the lien for ad valorem taxes; and
C. third, after all such costs, liens, assessments and taxes are paid, to the former owner, mortgage holder or other parties having an interest in the tract or parcel, upon such person providing satisfactory proof to the court of such interest and upon approval of the court.
History: 1978 Comp., § 3-36-7, enacted by Laws 1980, ch. 51, § 1.