When entering into contracts for the sale, lease or other disposition of public lands under his jurisdiction, the commissioner of public lands is authorized to contract for payment of interest on any payment of rental, royalty, principal interest or other indebtedness which becomes delinquent. Interest on delinquent payments shall not exceed the rate of one percent a month nor be less than one-half percent a month, for any fraction of a month. Interest shall accrue from the date the payment becomes due.
History: 1953 Comp., § 7-1-2.1, enacted by Laws 1971, ch. 96, § 1.
Cross references. — For forfeiture of coal land leases for noncompliance with terms, see 19-9-13 NMSA 1978.
For cancellation of oil and gas land leases for nonpayment of rentals, see 19-10-20 NMSA 1978.
For cancellation of geothermal resources leases for nonpayment of rentals or royalties, see 19-13-23 NMSA 1978.
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