New Mexico Statutes 73-7-27. [Foreclosure proceedings for collection of delinquent assessments.]
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Drainage districts organized under the provisions of Sections 73-6-1 to 73-6-17, 73- 6-25 to 73-6-44, 73-7-1 to 73-7-24, 73-7-37, 73-7-38 and 73-7-40 to 73-7-56 N.M. Stat. Ann., may enforce the collection of delinquent drainage assessments heretofore or hereafter becoming delinquent as an additional and alternative remedy by proceedings in the district court of the county where the lands upon which the assessments are delinquent, or some part thereof, are situated, for foreclosure of the lien herein referred to and a sale of the land upon which the assessments or installments thereof and/or interest thereon are delinquent in the manner hereinafter provided.
Terms Used In New Mexico Statutes 73-7-27
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.