New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-10-111. Limitation of liability on construction loans

A. any loss or damage resulting from any defect in the property; or

B. any loss or damage resulting from the borrower's failure to use due care in any of the work for or on the property, unless the loss or damage results from an act of the association outside the scope of its business as an association or unless the association has knowingly been a party to any misrepresentation concerning the property.