Every association may make real estate loans to members, secured by a mortgage, deed of trust or other instrument creating or constituting a first and prior lien on the real estate, and may make additional real estate loans secured by liens subsequent to its own first lien upon the same property. Additional security may also be taken by the association in connection with any such loan.
§ 58-10-36 NMSA 1978
Original real estate loans
Known as the Savings and Loan Act
The act spans §§ 58–58 (111 sections).
1953 Comp., § 48-15-80, enacted by Laws 1967, ch. 61, § 36.
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.