New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 36 - REAL ESTATE LOANS
Section 12.20.36.9 - SECURITY PROPERTY
Current through Register Vol. 35, No. 18, September 24, 2024
A loan is made on the security of real estate if:
A. the security property is real estate pursuant to the law of the state in which the property is located;
B. the security interest of the association may be enforced as a real estate mortgage or its equivalent pursuant to the law of the state in which the property is located;
C. the security property is capable of separate appraisal;
D. the association relies substantially upon the real estate as the primary security for the loan.
E. with regard to a security property that is a leasehold or other interest for a period of years, the term of the interest extends or is subject to extension or renewal at the option of the association for a term of at least five years following maturity of the loan.
