N.M. Const. art. XXI, § 3
The debts and liabilities of the territory of New Mexico and the debts of the counties thereof, which were valid and subsisting on the twentieth day of June, nineteen hundred and ten, are hereby assumed and shall be paid by this state; and this state shall, as to all such debts and liabilities, be subrogated to all the rights, including rights of indemnity and reimbursement, existing in favor of said territory or of any of the several counties thereof on said date. Nothing in this article shall be construed as validating or in any manner legalizing any territorial, county, municipal or other bonds, warrants, obligations or evidences of indebtedness of, or claims against, said territory or any of the counties or municipalities thereof which now are or may be, at the time this state is admitted, invalid and illegal; nor shall the legislature of this state pass any law in any manner validating or legalizing the same.
Comparable provisions. — Utah Const., art. III, Third.
Wyoming Const., art. XXI, § 27.
Compiler's notes. — This section is the same as Enabling Act, § 2C.
Congress intended that "debts and liabilities" only should be covered, believing at time that there was practically no reimbursement to be made. Bryant v. Board of Loan Comm'rs, 1922-NMSC-069, 28 N.M. 319, 211 P. 597.
Claims against county for wild animal bounties. — Section does not authorize payment by state of claims against county for wild animal bounties. State ex rel. Beach v. Board of Loan Comm'rs, 1914-NMSC-040, 19 N.M. 266, 142 P. 152.
State may pay interest from proceeds of donated lands. — Interest on series "A" state bonds, by which territorial bonds for insane hospital and for military institute were assumed by state, was properly payable from proceeds of sales and rentals of lands donated by congress to the two institutions. 1915 Op. Att'y Gen. No. 15-1442.
Law reviews. — For article, "Ad Valorem Tax Status of a Private Lessee's Interest in Publicly Owned Property: Taxability of Possessory Interests in Industrial Projects under the New Mexico Industrial Revenue Bond Act," see 3 N.M. L. Rev. 136 (1973).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 81A C.J.S. States §§ 4, 5.