New Mexico Statutes 19-7-18. Bond required
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No contract, patent or lease shall be issued until the value of improvements shall be paid unless a good and sufficient corporate or cash bond is filed with the commissioner to insure [ensure] payment upon final determination of value.
Terms Used In New Mexico Statutes 19-7-18
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC