No real property shall be sold under any judgment or decree of court foreclosing any mechanic's or materialman's lien, mortgage, mortgage deed, trust deed or any other written instrument which may operate as a mortgage, until thirty days after the date of entry thereof, within which time the then owner of the real estate, his heirs, personal representatives, assigns or any junior lienholder may pay off the judgment or decree and avoid the sale by depositing in the office of the clerk of the district court in which the judgment, decree or order was entered the amount necessary to make payment thereof, including accrued interest and costs of suit.
History: Laws 1931, ch. 149, § 1; 1941 Comp., § 21-218; 1953 Comp., § 24-2-18; Laws 1971, ch. 88, § 1.
Cross references. — For provision making redemption unavailable after foreclosure of lien on oil and gas wells or pipe-lines, see 70-4-8 NMSA 1978.
Redemption period. — Construing the provisions of this section and 39-5-18 NMSA 1978 together, it is apparent that a person entitled to redeem is given at least 11 months (now 10 months) from the date of the foreclosure judgment within which to redeem. Springer Corp. v. Kirkeby-Natus, 1969-NMSC-045, 80 N.M. 206, 453 P.2d 376.
Time of advertising. — Section 3938, 1897 C.L., which prohibited the sale of real property under or by any order, judgment or decree of any court until 90 days after its date, within which time the mortgagor or any one for him might pay off the decree and avoid the sale, nowhere provided that the advertisement of such sale should not begin until after expiration of the 90 days, and in case of foreclosed property, which was properly advertised and not sold until after expiration of 90 days' stay allowed by law, such sale was legal and valid, but expenses of advertising notices were unnecessary and could not be allowed where sale was avoided by payment of such decree. Neher v. Crawford, 1901-NMSC-007, 10 N.M. 725, 65 P. 156.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 30 Am. Jur. 2d Executions § 473 et seq.
Mortgage foreclosure forbearance statutes - modern status, 83 A.L.R.4th 243.
56 C.J.S. Mechanic's Liens § 421; 59 C.J.S. Mortgages § 726.
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