§ 56-7-1 Real property; indemnity agreements; agreements void
§ 56-7-2 Oil, gas or water wells and mineral mines; agreements, covenants and promises to indemnify void
§ 56-7-3 Commercial instruments and transaction
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Terms Used In New Mexico Statutes > Chapter 56 > Article 7 - Indemnity Agreements

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • 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.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.