Foreclosure of Mortgage on Railroad Property

NMSA 1978 ch. 63, art. 5

in effect

NMSA 1978, § 63-5-1 Foreclosure; rights of purchases; new corporation; organization

63-5-1. Foreclosure; rights of purchases; new corporation; organization Whenever the railroad lands or other property of any railroad corporation created by or under any law of the United States or of the state or the part of the railroad, lands or other property of any such corporation situated in the state is sold by virtue of a mortgage or deed of trust or pursuant to the judgment or decree of any court of competent jurisdiction or by virtue of any execution issued thereon, the purchasers at any such sale may acquire and become vested with the property sold and may acquire any other property and franchises, rights and powers of the corporation in this state or elsewhere. Purchasers may associate with themselves any number of persons and with their associates may become a corporation with power to own, operate, exercise and enjoy the properties, franchises, rights and powers acquired by the purchasers upon making, acknowledging and filing in the office of the secretary of state a certificate in which the purchasers describe by name and by reference to the charter or law under which it was organized, the corporation whose property or part of whose property the purchasers have acquired, the court by whose authority the sale was made, with the date of the judgment or decree authorizing or directing the sale, a brief description of the property sold and also the following particulars: A. the name of the new corporation intended to be formed by the filing of the certificate; B. the maximum amount of its capital stock and the number of shares into which it is divided, and specifying the classes thereof, whether common or preferred, and the amount of and rights pertaining to each class; and C. the number of directors, not less than three nor more than fifteen, who shall manage the affairs of the new corporation and the names and post office addresses of the directors for the first year. Laws 1897, ch. 19, § 1; C.L. 1897, § 3922; Code 1915, § 4720; C.S. 1929, § 116-501; 1941 Comp., § 74-501; 1953 Comp., § 69-5-1; 2013, ch. 75, § 43.

NMSA 1978, § 63-5-2 [Powers of new corporation.]

63-5-2. [Powers of new corporation.] Such new corporation shall thereupon be vested with, and shall be entitled to exercise and enjoy, all the rights, franchises and powers, which belong to or could be exercised by the corporation whose property, or part of whose property, was acquired by such purchasers, as aforesaid, and may acquire and enjoy all or any part of the railroad, lands or other property of such corporation in the state of New Mexico, or elsewhere, and may conduct its business generally, under and in the manner provided in the charter of such last mentioned corporation, or under the laws relating thereto, with such variations in manner and form of organization as such purchasers and their associates may deem necessary and set forth in such certificates, subject to the restrictions and limitations imposed by law upon railroad corporations in this state, and any such corporation shall have the power to issue and dispose of its capital stock, of the kind and character, and of the amount specified in said certificate; and such new corporation shall, in no manner, be deemed or held liable for the debts, obligations or liabilities of the corporation whose property, or a part thereof, it may have acquired, except state and county taxes. Laws 1897, ch. 19, § 2; C.L. 1897, § 3923; Code 1915, § 4721; C.S. 1929, § 116-502; 1941 Comp., § 74-502; 1953 Comp., § 69-5-2.

NMSA 1978, § 63-5-3 [Rights of new corporation.]

63-5-3. [Rights of new corporation.] Such corporation shall be vested with and be entitled to possess, exercise and enjoy any and all rights, franchises and powers which are given or may hereafter be given to any railroad company organized under the general laws of this state, and that such new corporation, when organized to purchase, acquire or take the property of any railroad company sold as aforesaid, may lease or purchase the railroad and other property and franchises of any railroad company organized under the laws of the United States or any state or territory thereof, and thereafter operate and maintain the same, or may lease or sell its railroad and other property to any railroad company organized under the laws of any state or territory subject to the restrictions and limitations imposed by law upon railroad corporations in this state. Laws 1897, ch. 19, § 3; C.L. 1897, § 3924; Code 1915, § 4722; C.S. 1929, § 116-503; 1941 Comp., § 74-503; 1953 Comp., § 69-5-3.

NMSA 1978, § 63-5-4 [Sale of foreclosed railroad.]

63-5-4. [Sale of foreclosed railroad.] The purchasers at any such sale as aforesaid, may, if they choose, sell, transfer or assign all the railroads, lands, properties, rights, franchises and powers so purchased or acquired by them or belonging to the corporation whose property or a part of whose property was so purchased, to a corporation of any state or territory which may be authorized by the laws of such state or territory, or by its charter, to purchase or acquire such or similar property, and upon such sale, transfer or assignment being made, such corporation to whom the same shall be made shall become vested with all of said property, together with all the rights, franchises and powers thereto belonging or in anywise appertaining or [sic] to the corporation whose property or a part thereof was sold, subject to the restrictions and limitations imposed by law upon railroad corporations in this state, but shall not be deemed or held liable in any manner for the debts, obligations or liabilities, or any of them, of the corporation whose property or a part thereof may have been sold, except state and county taxes. Laws 1897, ch. 19, § 4; C.L. 1897, § 3925; Code 1915, § 4723; C.S. 1929, § 116-504; 1941 Comp., § 74-504; 1953 Comp., § 69-5-4.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18566/index.doFetched: 10/20/2026