New Mexico § 56-15-12 Application of proceeds

New Mexico Statutes

§ 56-15-12 — Application of proceeds

New Mexico § 56-15-12

Ch. 56Commercial Instruments and Transactions

Art. 15Uniform Assignment of Rents

This text of New Mexico § 56-15-12 (Application of proceeds) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 56-15-12 (2026).

Text

Unless otherwise agreed, an assignee that collects rents pursuant to the Uniform Assignment of Rents Act or collects upon a judgment in an action pursuant to Subsection D of Section 14 [56-15-14 NMSA 1978] of that act shall apply the sums collected in the following order to: A. the assignee's reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by any law of New Mexico other than the Uniform Assignment of Rents Act, reasonable attorney fees and costs incurred by the assignee; B. reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment; C. payment of the secured obligation; D. payment of any obligation secured by a subordinate security interest or other

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Unless otherwise agreed, an assignee that collects rents pursuant to the Uniform Assignment of Rents Act or collects upon a judgment in an action pursuant to Subsection D of Section 14 [56-15-14 NMSA 1978] of that act shall apply the sums collected in the following order to: A. the assignee's reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by any law of New Mexico other than the Uniform Assignment of Rents Act, reasonable attorney fees and costs incurred by the assignee; B. reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment; C. payment of the secured obligation; D. payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignor and assignee receive a notification from the holder of the interest or lien demanding payment of the proceeds; and E. the assignor.