N.M. Stat. § 19-4-20

Current through 2024, ch. 69

Section 19-4-20 - Disposition of proceeds

The proceeds received from the sale shall be disposed of as follows:

A. first, to pay the expenses of the sale;

B. second, to discharge any outstanding claims incurred in entering the townsite of the town; and

C. third, the surplus, if any, shall be retained by the town trustees to be used for making improvements within the townsite for public purposes.

NMS § 19-4-20

Laws 1882, ch. 70, § 14; C.L. 1884, § 2788; Laws 1891, ch. 29, § 1; C.L. 1897, § 3991; Code 1915, § 5532; C.S. 1929, § 144-120; 1941 Comp., § 8-520; 1953 Comp., § 7-5-20; Laws 1967, ch. 279, § 1.