42A-1-10. Deposit of probable compensation.
190 words·~1 min read·
/nm/chapter-42a-condemnation-proceedings/article-1-general-provisions/42a-1-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An order permitting entry under Section 42A-1-9 NMSA 1978 shall include a determination by the court of the probable amount that will fairly compensate the condemnee and any other person in actual physical occupancy of the property for damages, if any, for physical injury to the property and for substantial interference with possession or use of the property found likely to be caused by the entry and activities authorized by the order, and may require the condemnor to deposit with the court before entry that amount or a surety bond in that amount from a surety acceptable to the court.
B. If a deposit is required, such funds shall be deposited in an interest-bearing account at an institution acceptable to the court. Interest on such deposit shall accrue for the benefit of the condemnor.
C. Any amount deposited shall be retained on deposit until released by the court.
D. Surety bonds shall remain in effect until the surety is released by the court.
History: 1978 Comp., § 42A-1-8, enacted by Laws 1980, ch. 20, § 10; amended and recompiled as § 42A-1-10 by Laws 1981, ch. 125, § 6.