N.M. Admin. Code § 12.20.36.9 - SECURITY PROPERTY

A loan is made on the security of real estate if:

A. the security property is real estate pursuant to the law of the state in which the property is located;

B. the security interest of the association may be enforced as a real estate mortgage or its equivalent pursuant to the law of the state in which the property is located;

C. the security property is capable of separate appraisal;

D. the association relies substantially upon the real estate as the primary security for the loan.

E. with regard to a security property that is a leasehold or other interest for a period of years, the term of the interest extends or is subject to extension or renewal at the option of the association for a term of at least five years following maturity of the loan.

Notes

N.M. Admin. Code § 12.20.36.9

9/27/83; 9/15/97; Recompiled 10/15/01