New Mexico Statutes

§ 47-7-2 — Definitions

New Mexico·Ch. 47 Property Law·Art. 7 Building Unit Ownership
As used in the Building Unit Ownership Act: A. "unit" means a part of the property intended for residential, professional, commercial, industrial or any type of independent use, including one or more rooms or enclosed spaces located on one or more floors in a building, and with a direct exit to a public street or highway or to a common area leading to a public street or highway; B. "unit owner" means the person or persons owning a unit in fee simple absolute and undivided interest in the fee simple or leasehold estate of the common areas and facilities in the percentage established by the declaration; C. "association of unit owners" means all of the unit owners acting as a group in accordance with the bylaws and declarations; D. "blanket encumbrance" means a trust deed, mortgage or any oth

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Legislative History

1953 Comp., § 70-4-2, enacted by Laws 1963, ch. 221, § 2; 1965, ch. 6, § 1;

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