N.M. Admin. Code § 19.2.21.12
Current through Register Vol. 35, No. 23, December 10, 2024
Section 19.2.21.12 - PUBLIC AUCTIONA. Except as provided in Subsection C of 19.2.21.10 NMAC above, if the commissioner determines that an exchange of the trust lands may be in the best interest of the trust, the commissioner will offer the trust lands for exchange by public auction.B. After the commissioner has reviewed the bid qualifications of all prospective bidders as described in 19.2.21.11 NMAC above and the public notice, the commissioner will send written notice to each indicating at a minimum: 1) whether or not they have qualified to bid at the public auction, 2) the time, date and location of the auction, and 3) the minimum opening bid at the auction. Only qualified bidders may bid at the public auction.C. No trust lands will be exchanged except to the highest bidder at a live public auction held at the county seat of the county wherein the lands to be exchanged, or a major portion thereof, lie, and only after public notice has been given by advertisement in accordance with this rule and applicable law.D. The minimum opening bid at auction will be the greater of either: 1) the true value of the subject trust land as determined by appraisal and as described in the public notice; or 2) the highest deposit (excluding required costs and fees) submitted by a prospective bidder during bidder qualification; bids at the auction in excess of the minimum must be in the form of cash bids only and the winning bidder must deposit such with the commissioner in a form acceptable to the commissioner within five (5) days of the auction.N.M. Admin. Code § 19.2.21.12
19.2.21.12 NMAC - N, 06/29/12