No real property shall be sold on any execution issued out of any court in any case at law for less than two-thirds of the appraised cash value thereof, exclusive of liens and encumbrances.
History: Laws 1856-1857, p. 66; C.L. 1865, ch. 34, § 21; Laws 1884, ch. 11, § 1; C.L. 1884, § 2171; C.L. 1897, § 3119; Code 1915, § 2202; C.S. 1929, § 46-113; 1941 Comp., § 21-205; 1953 Comp., § 24-2-5.
Applicability of article. — While 39-5-1 to 39-5-3 and 39-5-15 to 39-5-23 NMSA 1978 apply generally to foreclosures, 39-5-5 to 39-5-13 NMSA 1978 apply only to sales and levies under writs of execution. Armstrong v. Csurilla, 1991-NMSC-081, 112 N.M. 579, 817 P.2d 1221.
This section does not apply to court-supervised foreclosure sales. Armstrong v. Csurilla, 1991-NMSC-081, 112 N.M. 579, 817 P.2d 1221.
Sales price did not shock the conscience of the court. — Where the appraised value of defendant's home was $206,000 and the property sold for $100,000 or 48.7% of appraised value at the foreclosure sale; defendant did not have any meritorious defenses to the foreclosure judgment; although the special master did not publish and file notices of postponements of the sale, the special master published the original date, time and place of the sale for four weeks in a newspaper and each subsequent notice of postponement assured that the parties present at the postponed sale would be notified and the new date and time would be confirmed as acceptable to all parties present; and the sales price was greater than the amount defendant owed on the loan, including costs and fees and the sale did not result in a deficiency judgment against defendant, the circumstances of the sale did not lead to an unfair result to defendant and the district court did not abuse its discretion in determining that the sales price did not shock the conscience of the court. Charter Bank v. Francoeur, 2012-NMCA-078, 287 P.3d 333, cert. granted, 2012-NMCERT-008.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 30 Am. Jur. 2d Executions § 521 et seq.
Right of officers conducting sale under execution to refuse to accept bid because inadequate, 110 A.L.R. 1077.
Inadequacy of price as basis for setting aside execution or sheriff's sale - modern cases, 5 A.L.R.4th 794.
Propriety of setting minimum or "upset price" for sale of property at judicial foreclosure, 4 A.L.R.5th 693.
33 C.J.S. Executions § 233.
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