All lawful debts and obligations of the several counties of the territory of New Mexico not assumed by the state and of the school districts, municipalities, irrigation districts and improvement districts, therein, existing at the time of its admission as a state, shall remain valid and unaffected by the change of government, until paid or refunded according to law; and all counties, municipalities and districts in said territory shall continue with the same names, boundaries and rights until changed in accordance with the constitution and laws of the state.

ANNOTATIONS

Purpose of section. — This section was made necessary by Enabling Act, § 2 C, which required state to assume payment of debts and liabilities which were valid and subsisting on June 20, 1910. One purpose of this section was to provide for validity of debts contracted by territory after June 20, 1910. State ex rel. Lucero v. Marron, 1912-NMSC-037, 17 N.M. 304, 128 P. 485. See N.M. Const., art. XXI, § 3.