New Mexico Statutes 47-2-2. Definitions
As used in the Real Estate Trust Act:
Terms Used In New Mexico Statutes 47-2-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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. “real estate trust” means an unincorporated business trust organized and operated in conformity with the Real Estate Trust Act;
B. “declaration” means the written document establishing the real estate trust and all subsequent amendments to that document;
C. “trustees” means those natural persons designated as trustees in the declaration, and their successors in office;
D. “beneficial owners” means those persons who hold the beneficial interest in the real estate trust;
E. “real estate assets” means real property, real estate mortgages, real estate contracts, leasehold interests in real property and shares of beneficial interests in other real estate trusts, foreign or domestic, whether or not organized under the Real Estate Trust Act;
F. “real estate mortgages” includes all forms of liens on real property and all transfers of real property for security purposes, including deeds of trust;
G. “real estate contracts” means any contractual obligation for the sale and conveyance, or purchase and receipt of conveyance, of real property, subject to the terms and conditions of the contract; and
H. “trust estate” means the money, property and assets of a real estate trust.