New Mexico Statutes 73-7-28. [Petition in foreclosure proceedings.]
Such foreclosure proceedings shall be by petition in equity as an action in rem filed by or in the name of the drainage district, and such petition shall aver the nonpayment of assessments or installments thereof and/or interest thereon with a description of the tracts or parcels of land upon which a lien or liens is claimed, the names of the owners and the amount of the delinquencies against the respective lands, indicating the amount of each such assessment, installment and/or interest then due, as to each tract or
Terms Used In New Mexico Statutes 73-7-28
- 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.
parcel of land, and shall pray for a judgment against each of said tracts or parcels of land and the foreclosure of the lien against the same by sale thereof. Any number of tracts or parcels of land upon which assessments, installments and/or interest may be claimed as a lien, may be included in the same petition. No error or insufficiency in said petition not going to the justice of the lien sought to be foreclosed shall invalidate the proceedings; and said petition may be amended at any time prior to entering of decree as equity shall require.