LegalFix
Sign In

Section 45-3-814 - Encumbered assets.

NM Stat § 45-3-814 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

If any assets of the estate are encumbered by mortgage, pledge, lien or other security interest, the personal representative may pay the encumbrance or any part thereof, renew or extend any obligation secured by the encumbrance or convey or transfer the assets to the creditor in satisfaction of his lien, in whole or in part, whether or not the holder of the encumbrance has presented a claim, if it appears to be for the best interest of the estate. Payment of an encumbrance does not increase the share of the distributee entitled to the encumbered assets unless the distributee is entitled to exoneration.

History: 1953 Comp., § 32A-3-814, enacted by Laws 1975, ch. 257, § 3-814; 1976 (S.S.), ch. 37, § 13.

Official comments. — See Commissioners on Uniform State Law official comment to 3-814 UPC.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Right of executor or administrator personally to purchase and enforce mortgage or other lien on real property of decedent, 117 A.L.R. 1371.

33 C.J.S. Executors and Administrators §§ 189, 201; 34 C.J.S. Executors and Administrators §§ 468, 470.

Previous Section
Section 45-3-813 - Compromise of claims.
Next Section
Section 45-3-815 - Administration in more than one state; duty of personal representative.