N.M. Code R. § 19.2.14.15 – Assignment of Purchase Contracts

A. Any purchaser of state trust lands under purchase contract, which contract is in good standing, may assign a part or all of the purchaser’s right, title and interest under any such contract, provided that a certified copy of such assignment shall be filed with the commissioner before the same shall become effective. The approval or disapproval by the commissioner of an assignment or a partial assignment of a state contract is not required. The filing of a certified copy of the assignment or partial assignment with the commissioner completes the assignment, provided, however, if the contract is under collateral assignment the approval of the commissioner is required and such permission shall not be given unless the assignee agrees in writing to assume or take the contract subject to the rights of any collateral assignee. No relinquishment of a purchase contract shall be approved unless the collateral assignee shall join in said relinquishment.
B. No patent shall be issued to any contract holder or assignee thereto until the entire bid price for the entire tract bid upon is paid in full, except for contracts assigned with the approval of the commissioner prior to September 4, 1956.
C. Each assignment shall be accompanied by a fee of sixty dollars ($60.00).
D. The mailing address of the assignee shall be clearly shown upon the assignment and a copy of the assignor's purchase contract shall accompany the assignment.
E. The assignment must show the marital status of the assignor and, if married, both husband and wife must join in the execution of the assignment which signatures must be acknowledged as in the case of conveyances of other real estate.
[12/31/1999; 19.2.14.15 NMAC - Rn, 19 NMAC 3. SLO 14.15, 9/30/2002; A, 6/11/2019]