N.M. Admin. Code § 19.2.21.12 - PUBLIC AUCTION
A. Except
as provided in Subsection C of
19.2.21.10 NMAC above, if the
commissioner determines that an exchange of the trust lands may be in the best
interest of the trust, the commissioner will offer the trust lands for exchange
by public auction.
B. After the
commissioner has reviewed the bid qualifications of all prospective bidders as
described in
19.2.21.11 NMAC above and the
public notice, the commissioner will send written notice to each indicating at
a minimum: 1) whether or not they have qualified to bid at the public auction,
2) the time, date and location of the auction, and 3) the minimum opening bid
at the auction. Only qualified bidders may bid at the public auction.
C. No trust lands will be exchanged except to
the highest bidder at a live public auction held at the county seat of the
county wherein the lands to be exchanged, or a major portion thereof, lie, and
only after public notice has been given by advertisement in accordance with
this rule and applicable law.
D. The
minimum opening bid at auction will be the greater of either: 1) the true value
of the subject trust land as determined by appraisal and as described in the
public notice; or 2) the highest deposit (excluding required costs and fees)
submitted by a prospective bidder during bidder qualification; bids at the
auction in excess of the minimum must be in the form of cash bids only and the
winning bidder must deposit such with the commissioner in a form acceptable to
the commissioner within five (5) days of the auction.
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