Abstracters

NMSA 1978 ch. 47, art. 4

in effect

NMSA 1978, § 47-4-1 Definitions

47-4-1. Definitions As used in this act [47-4-1 to 47-4-9 NMSA 1978]: A. "person" includes individuals, firms, partnerships, associations, cooperatives and corporations; and B. "abstracter's business" means the business of compiling or furnishing abstracts of title to any real estate within this state. 1953 Comp., § 70-2-5, enacted by Laws 1963, ch. 307, § 1.

NMSA 1978, § 47-4-2 Requirements for bond

47-4-2. Requirements for bond A. No person shall conduct an abstracter's business without first entering into a bond to the state of New Mexico for the use and benefit of any person who shall sustain any loss or damage by reason of the failure of the abstracter to set out, or record, properly, any instrument, or other item of record, affecting the title to the real estate covered by the abstract. B. The bond shall be with a surety company authorized to do business in this state and shall be in the penal sum of $7,500.00. C. The bond shall be approved, as to the statutory amount, by the county clerk of the county in which the abstract business is to be conducted, and the county clerk shall record the bond. If an abstracter's business is to be conducted in more than one county, a separate bond, in the proper amount, shall be filed in each county. 1953 Comp., § 70-2-6, enacted by Laws 1963, ch. 307, § 2.

NMSA 1978, § 47-4-3 Limitation of action on bond

47-4-3. Limitation of action on bond No suit shall be brought upon the bond, or against the surety, after six years from the date of the last certificate contained in the abstract. 1953 Comp., § 70-2-7, enacted by Laws 1963, ch. 307, § 3.

NMSA 1978, § 47-4-4 Requirement of abstract plant

47-4-4. Requirement of abstract plant No person shall conduct an abstracter's business unless the person owns, operates or controls an abstract plant consisting of tract indexes and other records, showing in brief comprehensive form, or full copy, all instruments of record or on file, affecting real estate in the county where he is bonded to transact business. The plant shall include an index, by name, covering district court and probate court records, transcripts of judgments, federal and state tax liens and other required information for the proper preparation of an abstract. The abstract plant may be maintained in bound books, looseleaf books, jackets, folders, on card files or film, or any other form or system, whether manual, mechanical, electronic or otherwise, or in any combination of such forms or systems. The abstract plant shall cover the period from twenty years prior to July 1, 1963, or twenty years prior to the date the abstracter commences business, whichever is later, up to date. The plant must also be currently maintained to include all daily filings in the county affecting real property. 1953 Comp., § 70-2-8, enacted by Laws 1963, ch. 307, § 4.

NMSA 1978, § 47-4-5 Exemption from requirement of abstract plant for certain abstracters

47-4-5. Exemption from requirement of abstract plant for certain abstracters A. Every person who, on January 1, 1963, was actively engaged in the business of compiling or furnishing abstracts of title to real estate within any county in this state, shall be exempt from the requirement of having a twenty-year abstract plant in order to conduct an abstracters [abstracter's] business in such county, provided that an abstract plant is maintained on a current basis, commencing July 1, 1963. B. There shall be excluded from the provisions of Section 4 [47-4-4 NMSA 1978] all persons exclusively engaged in the preparation of abstracts using only the records of the bureau of land management, commissioner of public lands, and/or bureau of Indian affairs. 1953 Comp., § 70-2-9, enacted by Laws 1963, ch. 307, § 5.

NMSA 1978, § 47-4-6 Affidavit of requirement of compliance with requirement of abstract plant

47-4-6. Affidavit of requirement of compliance with requirement of abstract plant No person shall conduct an abstracter's business without first filing with the county clerk of the county where the business shall be conducted, an affidavit that such person has complied, and is complying, with the requirements for an abstract plant. The affidavit shall be filed on or before July 1 of each year and abstracter is required to file such an affidavit yearly. 1953 Comp., § 70-2-10, enacted by Laws 1963, ch. 307, § 6.

NMSA 1978, § 47-4-7 Territorial limit on abstracters [abstracter's] business

47-4-7. Territorial limit on abstracters [abstracter's] business An abstracter who has filed the necessary bond and affidavit shall receive a certificate from the county clerk to the effect that the bond and affidavit have been recorded, and this certificate shall be evidence of the right and authority of the abstracter to conduct business in the county so long as he maintains, unimpaired, the surety on the bond and the necessary abstract plant. The certificate shall permit the abstracter to compile and furnish abstracts of title on property located in the county or counties for which the abstracter has the necessary abstract plant, provided that a bonded abstracter may compile and furnish abstracts for any county where there is no bonded abstracter. 1953 Comp., § 70-2-11, enacted by Laws 1963, ch. 307, § 7.

NMSA 1978, § 47-4-8 Penalty for violation of act

47-4-8. Penalty for violation of act Any person found guilty of violating the provisions of this act [47-4-1 to 47-4-9 NMSA 1978], including, but not limited to the filing of a false affidavit, shall, upon conviction, be fined not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for each offense. 1953 Comp., § 70-2-12, enacted by Laws 1963, ch. 307, § 8.

NMSA 1978, § 47-4-9 [Application of act.]

47-4-9. [Application of act.] The provisions of Sections 4, 6 and 7 [47-4-4, 47-4-6, 47-4-7 NMSA 1978] of this act do not apply to mineral abstracting. 1953 Comp., § 70-2-13, enacted by Laws 1963, ch. 307, § 9.

NMSA 1978, § 47-4-10 Real estate sales; disclosure of certain attorney's fees required; provisions for civil liability

47-4-10. Real estate sales; disclosure of certain attorney's fees required; provisions for civil liability A. No abstract company or other person regularly engaged in the business of handling the closing of real estate sales shall collect attorney's fees imposed by the abstract company or other person regularly engaged in the business of handling the closing of real estate upon the vendor or vendee of the real estate in a real estate closing unless the name of the attorney is disclosed on the vendor's and vendee's closing statement or, if there is no closing statement prepared, the statement shall be disclosed in the other closing documents. B. The attorney's fees required to be disclosed by Subsection A of this section shall be limited to the actual reasonable attorney's fees incurred for professional services rendered and expenses incurred by an attorney not a salaried employee of the abstract company or a salaried employee of any other person regularly engaged in the business of handling the closing of real estate sales. C. Any person aggrieved by a violation of Subsection A or B of this section may sue for the amount of money wrongfully collected and upon proof of the violation in a court of competent jurisdiction an award equal to the amount of money collected in violation of Section [Subsection] A or B of this section shall be awarded. Laws 1979, ch. 271, § 1.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18550/index.doFetched: 10/20/2026