N.M. Admin. Code § 19.2.8.15 - COLLATERAL ASSIGNMENTS
A. With
the prior written consent of the commissioner and the payment to the
commissioner of the collateral assignment fee as set forth in the schedule of
fees, a lessee may assign as collateral security a lease that is not in
default; provided, however, that the collateral assignment of more than one (1)
lease to secure the same indebtedness shall be made by separate assigning
instruments. The collateral assignment of a lease shall not prevent its
cancellation by the commissioner.
B.
Collateral assignments shall be made upon forms prescribed by the commissioner
and shall be accompanied by the collateral assignment fee as set forth in the
schedule of fees.
C. The foreclosure
of collateral assignments shall be accomplished in the manner provided by law
for the foreclosure of chattel mortgages. Upon the filing with the commissioner
of documentation proving the bona fide foreclosure and purchase of the lease
and the cure of any lease defaults, completed assignment forms, and the
required fee, the lease shall be assigned to the purchaser at the foreclosure
sale, if such purchaser is otherwise qualified to lease state trust
lands.
D. The release of collateral
assignments shall be accomplished by the collateral assignee's executing and
filing with the commissioner a release upon a form prescribed by the
commissioner and accompanied by the release of collateral assignment fee as set
forth in the schedule of fees.
(1) The
failure of a collateral assignee to execute and file with the commissioner the
release of a collateral assignment upon the satisfaction of the debt secured by
the assignment shall subject the assignee to the risk of criminal penalties and
civil liabilities as provided by law.
(2) The personal representative in the
probate of a deceased collateral assignee's estate may release collateral
assignments by executing and filing with the commissioner the release and
certified copies of such other documents as the commissioner may
require.
Notes
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