New Mexico Statutes 47-7C-16. Lien for assessments
A. The association has a lien on a unit for any assesssment [assessment] levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. The association’s lien may be foreclosed in like manner as a mortgage on real estate. Unless the declaration otherwise provides, fees, charges, late charges, fines and interest charged pursuant to Section 47-7C-2 N.M. Stat. Ann. are enforceable as assessments under this section. If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first installment becomes due.
Terms Used In New Mexico Statutes 47-7C-16
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
B. Unless the declaration otherwise provides, if two or more associations have liens for assessments created at any time on the same real estate, those liens have equal priority.
C. Recording of the declaration constitutes record notice and perfection of the lien. No further recordation of the claim of lien for assessment under this section is required.
D. A lien for unpaid assessments is extinguished unless proceedings to enforce the lien are instituted within three years after the full amount of the assessments becomes due.
E. This section does not prohibit actions to recover sums for which Subsection A of this section creates a lien or prohibit an association from taking a deed in lieu of foreclosure.
F. A judgment or decree in any action brought under this section may include costs and reasonable attorney’s fees for the prevailing party.
G. The association upon written request shall furnish at a unit owner’s request a recordable statement setting forth the amount of unpaid assessments against his unit.
The statement shall be furnished within ten business days after receipt of the request and is binding on the association, the executive board and every unit owner.
H. To the extent provided in the declaration, the lien established by this section shall be subordinate to other liens or encumbrances.