Time Limits On Options In Gross And Certain Other Interests In Real Property

NMSA 1978 ch. 45, art. 2, pt. 9, subpt. 3

in effect

NMSA 1978, § 45-2-908 Definitions

45-2-908. Definitions As used in Sections 45-2-909 through 45-2-914 NMSA 1978: A. "nonvested easement in gross" means a nonvested easement that is not created to benefit or that does not benefit the possessor of any real property in the possessor's use of it as the possessor; B. "option in gross with respect to an interest in real property" means an option in which the holder of the option does not own any leasehold or other interest in the real property that is the subject of the option; and C. "preemptive right in the nature of a right of first refusal in gross with respect to an interest in real property" means a preemptive right in which the holder of the preemptive right does not own any leasehold or other interest in the real property that is the subject of the preemptive right. 1978 Comp., § 45-2-908, enacted by Laws 2011, ch. 124, § 35.

NMSA 1978, § 45-2-909 Interest in real property

45-2-909. Interest in real property An option in gross with respect to an interest in real property or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in real property becomes invalid if it is not actually exercised within thirty years after its creation. 1978 Comp., § 45-2-909, enacted by Laws 2011, ch. 124, § 36.

NMSA 1978, § 45-2-910 Lease to commence in the future

45-2-910. Lease to commence in the future A lease of real property to commence at a time certain or upon the occurrence or nonoccurrence of a future event becomes invalid if its term does not actually commence in possession within thirty years after its execution. 1978 Comp., § 45-2-910, enacted by Laws 2011, ch. 124, § 37.

NMSA 1978, § 45-2-911 Nonvested easement

45-2-911. Nonvested easement A nonvested easement in gross becomes invalid if it does not actually vest within thirty years after its creation. 1978 Comp., § 45-2-911, enacted by Laws 2011, ch. 124, § 38.

NMSA 1978, § 45-2-912 Possibility of reverter, right of entry, executory interest

45-2-912. Possibility of reverter, right of entry, executory interest A possibility of reverter preceded by a fee simple determinable, a right of entry preceded by a fee simple subject to a condition subsequent or an executory interest preceded by either a fee simple determinable or a fee simple subject to an executory limitation becomes invalid, and the preceding fee simple becomes a fee simple absolute, if the right to vest in possession of the possibility of reverter, right of entry or executory interest depends on an event or events affecting the use of real property and if the possibility of reverter, right of entry or executory interest does not actually vest in possession within thirty years after its creation. 1978 Comp., § 45-2-911, enacted by Laws 2011, ch. 124, § 39.

NMSA 1978, § 45-2-913 Exclusions

45-2-913. Exclusions A. Section 45-2-912 NMSA 1978 does not apply to a possibility of reverter, right of entry or executory interest that is held by a charity, a government or governmental agency or subdivision excluded from the provisions of Section 45-2-901 NMSA 1978 by Subsection E of Section 45-2-904 NMSA 1978. B. Sections 45-2-909 and 45-2-910 NMSA 1978 do not apply to an option, a preemptive right in the nature of a right of first refusal or a lease that relates solely to an interest in oil, gas or other minerals. 1978 Comp., § 45-2-911, enacted by Laws 2011, ch. 124, § 40.

NMSA 1978, § 45-2-914 Application

45-2-914. Application Sections 45-2-908 through 45-2-913 NMSA 1978 apply only to a property interest or arrangement affecting real property that is created on or after January 1, 2012. 1978 Comp., § 45-2-911, enacted by Laws 2011, ch. 124, § 41.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18546/index.doFetched: 10/20/2026