New Mexico Statutes 56-15-2. Definitions
As used in the Uniform Assignment of Rents Act:
Terms Used In New Mexico Statutes 56-15-2
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). 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.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A. “assignee” means a person entitled to enforce an assignment of rents;
B. “assignment of rents” means a transfer of an interest in rents in connection with an obligation secured by real property located in New Mexico and from which the rents arise;
C. “assignor” means a person that makes an assignment of rents or the successor owner of the real property from which the rents arise;
D. “cash proceeds” means proceeds that are money, checks, deposit accounts or the like;
E. “day” means a calendar day;
F. “deposit account” means a demand, time, savings, passbook or similar account maintained with a bank, savings bank, savings and loan association, credit union or trust company;
G. “document” means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form;
H. “notification” means a document containing information that the Uniform Assignment of Rents Act requires a person to provide to another, signed by the person required to provide the information;
I. “person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity;
J. “proceeds” means personal property that is received or collected on account of a tenant’s obligation to pay rents;
K. “purchase” means to take by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift or any other voluntary transaction creating an interest in property;
L. “rents” means:
(1) sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person;
(2) sums payable to an assignor pursuant to a policy of rental interruption insurance covering real property;
(3) claims arising out of a default in the payment of sums payable for the right to possess or occupy real property of another person;
(4) sums payable to terminate an agreement to possess or occupy real property of another person;
(5) sums payable to an assignor for payment or reimbursement of expenses incurred in owning, operating and maintaining, or constructing or installing improvements on, real property; or
(6) any other sums payable pursuant to an agreement relating to the real property of another person that constitute rents pursuant to any law of New Mexico other than the Uniform Assignment of Rents Act;
M. “secured obligation” means an obligation, the performance of which is secured by an assignment of rents;
N. “security instrument” means a document, however denominated, that creates or provides for a security interest in real property, whether or not it also creates or provides for a security interest in personal property;
O. “security interest” means an interest in property that arises by agreement and secures performance of an obligation;
P. “sign” means, with present intent to authenticate or adopt a document: (1) to execute or adopt a tangible symbol; or
(2) to attach to or logically associate with the document an electronic sound, symbol or process;
Q. “state” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States;
R. “submit for recording” means to submit a document complying with applicable legal standards, with required fees, to the office of the county clerk in the county or counties designated in Section 14-9-1 N.M. Stat. Ann.; and
S. “tenant” means a person that has an obligation to pay sums for the right to possess or occupy, or for possessing or occupying, the real property of another person.