Public-domain · open source
OpenJurist

§ 70-10-4 NMSA 1978

Interest on late payments

Known as the Oil and Gas Proceeds Payment Act

The act spans §§ 70–70 (7 sections).

Applied in 4 court decisions — leading case Anderson Living Trust v. WPX Energy Production, LLC (2015)

Most recently applied in Anderson Living Trust v. Energen Res. Corp. (March 2018)

1978 Comp., § 70-10-4, enacted by Laws 1991, ch. 235, § 3.

How often courts cite this section

2015201820
citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

A. Any delay in determining any person legally entitled to an interest in the proceeds from production shall not affect payments to all other persons entitled to payments. In instances where payments cannot be made within the time period provided in Section 70-10-3 NMSA 1978, the payor shall create a suspense account on his books for such interest or may interplead the suspended funds into court.

B. The person entitled to payment from the suspended funds shall be entitled to interest on the suspended funds from the date payment is due under Section 70-10-3 NMSA 1978. The interest awarded shall be the discount rate charged by the federal reserve bank of Dallas to member banks plus one and one-half percent on the date payment is due. Payment of principal and interest on the suspended funds shall be made to all persons legally entitled to the funds within thirty days from the date that the persons are determined to be entitled to the suspended funds by a final legal determination.

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.