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New Mexico Statutes Chapter 48. Liens and Mortgages § 48-10-15. Disposition of proceeds of sale

Current as of January 01, 2024 | Updated by Findlaw Staff

A. The trustee shall apply the proceeds of the sale of the trust real estate by the trustee as follows:

(1) to the costs of exercising the power of sale and of sale, including the payment of the fees of the trustee and reasonable attorneys' fees actually incurred by the trustee and the beneficiary;

(2) to the payment of the contract secured by the deed of trust;

(3) to the payment of all other obligations provided in or secured by the deed of trust; and

(4) to the junior encumbrancers in order of their priority. After payment in full to all junior encumbrancers, payment shall be made to the trustor.

B. The trustee may, in the discretion of the trustee, instead of any one or more of the applications specified in Subsection A of this section elect to deposit the balance of the proceeds available for distribution to junior encumbrancers with the clerk of the district court in the county in which the sale took place. The trustee may deposit the balance of the proceeds in connection with a separate civil interpleader action. Upon deposit of the balance of the proceeds, the trustee shall be discharged from all responsibility for acts performed in good faith as provided in the Deed of Trust Act and the clerk shall hold the proceeds subject to the order of the district court upon the application, by separate civil action if necessary, of any interested party.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 48. Liens and Mortgages § 48-10-15. Disposition of proceeds of sale - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-48-liens-and-mortgages/nm-st-sect-48-10-15/

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