COLLECTION LAWS – NEW MEXICO (NM)
(1) Pre-Judgment Interest Rate:
In the state of New Mexico, the pre-judgment interest rate is determined by the court. The court has the discretion to award interest at a rate it deems just and equitable, according to New Mexico Statutes Annotated (NMSA) § 56-8-3.
(2) Post-Judgment Interest Rate:
For post-judgment interest in New Mexico, the statutory rate is set at the annual rate of 4% plus the Federal Reserve Bank of Kansas City discount rate in effect on January 1st of the year in which the judgment is entered, as stated in NMSA § 56-8-4.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in New Mexico is six years. According to NMSA § 37-1-3, any action to enforce a written contract must be commenced within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For an oral contract, the statute of limitations in New Mexico is four years. Pursuant to NMSA § 37-1-4, any action to enforce an oral contract must be initiated within four years from the date the cause of action arises.
(5) Statute of Limitations for Open Account:
In New Mexico, the statute of limitations for an open account, such as a credit card debt or a revolving credit line, is four years. NMSA § 37-1-4 specifies that any action to recover a debt based on an open account must be filed within four years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
For a contract for the sale of goods, New Mexico follows the Uniform Commercial Code (UCC). Under NMSA § 55-2-725, the statute of limitations is four years. This period starts from the date when the breach of contract occurred.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in New Mexico is six years. Pursuant to NMSA § 55-3-118, any action to enforce a promissory note must be initiated within six years from the date of default.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
In New Mexico, the statute of limitations for enforcing a domestic judgment is fourteen years. NMSA § 37-1-4.1 states that an action to enforce a domestic judgment must be commenced within fourteen years from the date the judgment becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Regarding the enforcement of foreign judgments in New Mexico, the statute of limitations is ten years. Pursuant to NMSA § 39-4-5, an action to enforce a foreign judgment must be initiated within ten years from the date the judgment was rendered.
(10) Garnishment Exemptions:
Under New Mexico law, certain types of income and property are exempt from garnishment. Exemptions include, but are not limited to, social security benefits, public assistance, retirement benefits, and certain types of insurance payments. Specific exemptions and limitations can be found in NMSA § 35-12-7.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.