New Mexico Statutes 45-3-713. Sale, encumbrance or transaction involving conflict of interest; voidable; exceptions
A. Any sale or encumbrance to the personal representative, his spouse, agent or attorney, or any corporation or trust in which he has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on the part of the personal representative, is voidable by any interested person except one who has consented after fair disclosure, unless:
Terms Used In New Mexico Statutes 45-3-713
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
(1) the will or a contract entered into by the decedent expressly authorized the transaction; or
(2) the transaction is approved by the district court after notice to interested persons.
B. An interested person must petition the district court to void the sale, encumbrance or transaction within the time limits set out by Section 3-1005 [45-3-1005 N.M. Stat. Ann.].