New Mexico Statutes 47-12A-2. Definitions
As used in the Cultural Properties Preservation Easement Act:
Terms Used In New Mexico Statutes 47-12A-2
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A. “cultural property” means a structure, place, site or object having historical, archaeological, scientific, architectural or other cultural significance deemed potentially eligible for inclusion in the national register of historic places;
B. “holder” means any nonprofit corporation, nonprofit association or nonprofit trust, the purposes or powers of which include retaining or protecting structures or sites significant for their history, architecture, archaeology, paleontology or other prehistorical or other values;
C. “cultural properties preservation easement” means a holder’s nonpossessory interest in real property imposing any limitation or affirmative obligation, the purpose of which includes preserving the historical, architectural, archaeological or cultural significance of real property; and
D. “third-party enforcement right” means a right empowering a nonprofit corporation, nonprofit association or nonprofit trust to enforce any term of the easement.