N.M. Admin. Code § 19.2.8.14

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.8.14 - ASSIGNMENTS

A. With the written consent of the commissioner and the payment to the commissioner of the assignment filing fee as set forth in the schedule of fees, a lessee may assign the lease or the lease rights to any part of the land held thereunder for the remainder of the lease term, provided the lease is not in default and any outstanding collateral lease assignments have either been released or the prospective lease assignee has agreed in writing to assume or take the lease subject to the rights of the collateral assignees. Lease assignments shall be made under oath, upon forms prescribed by the commissioner and shall be accompanied by the lease assignment filing fee.

B. Upon the commissioner's approval in writing of the lease assignment, the assignment form shall become the leasing instrument.

C. An assignment without the written consent of the commissioner shall be null and void.

D. The assignment of an agricultural lease does not assign the appurtenant water rights. The transfer of water rights to an assignee requires the use of the transfer of ownership form provided by the office of the state engineer.

N.M. Admin. Code § 19.2.8.14

3/11/81, 1/20/84, 9/30/85, 12/1/92, 6/29/96; 19.2.8.14 NMAC - Rn, 19 NMAC 3 SLO 8.14, 09/30/02; A, 04/15/10, Amended by New Mexico Register, Volume XXVII, Issue 12, June 30, 2016, eff. 6/30/2016