Every mortgage or other instrument securing a loan upon real estate and constituting a lien, or the full equivalent thereof, upon the real estate securing such loan, may secure future advances and the lien of such mortgage shall attach upon its execution and have priority from the time of recording as to all advances, whether obligatory or discretionary, made thereunder until such mortgage is released of record; provided, that the lien of such mortgage shall not exceed at any one time the maximum amount stated in the mortgage.
§ 48-7-9 NMSA 1978
Mortgages; future advances; lien
Applied in 1 court decision — leading case Rosenthal & Rosenthal, Inc. v. Vanessa Benun(076266) (2016)
Most recently applied in Rosenthal & Rosenthal, Inc. v. Vanessa Benun(076266) (July 2016)
1953 Comp., § 61-7-9, enacted by Laws 1975, ch. 61, § 1.
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.