Any lease for geothermal resources in good standing, together with improvements placed on the land thereunder, may be assigned as collateral security under the same procedures and in the same manner as provided by law for filing, recording, approval, release and foreclosure of state land purchase contracts issued by the commissioner. When any assignment pursuant to this section has been approved by the commissioner, it shall constitute constructive notice thereof to the world from the date of approval.
History: 1953 Comp., § 7-15-28, enacted by Laws 1967, ch. 158, § 28.
Compiler's notes. — Sections 19-7-37 to 19-7-47 NMSA 1978 set out the procedures surrounding assignment of state land purchase contracts as collateral.
Severability. — Laws 1967, ch. 158, § 29, provided for severability of the Geothermal Resources Act if any part or application thereof is held invalid.
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