If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the transit facilities in default.
§ 3-52-11 NMSA 1978
Foreclosure
Known as the Municipal Transit Law
The act spans §§ 3–3 (16 sections).
1953 Comp., § 14-53-11, enacted by Laws 1965, ch. 300.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.