0001| SENATE BILL 186
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| TIMOTHY Z. JENNINGS
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0006|
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0007|
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0008| FOR THE COURTS, CORRECTIONS AND CRIMINAL JUSTICE COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO REAL ESTATE CONTRACTS; ENACTING THE UNIFORM VENDOR
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0012| AND PURCHASER RISK ACT; CLARIFYING THE RIGHTS AND DUTIES OF
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0013| PARTIES TO CONTRACTS FOR THE PURCHASE AND SALE OF REAL ESTATE.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. SHORT TITLE.--This act may be cited as the
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0017| "Uniform Vendor and Purchaser Risk Act".
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0018| Section 2. RISK OF LOSS.--A contract made after the
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0019| effective date of the Uniform Vendor and Purchaser Risk Act for
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0020| the purchase and sale of real estate shall be interpreted as
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0021| including an agreement that the parties shall have the
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0022| following rights and duties, unless the contract expressly
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0023| provides otherwise:
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0024| A. if, when neither the legal title nor the
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0025| possession of the subject matter of the contract have been
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0001| transferred, all or a material part thereof is destroyed
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0002| without fault of the purchaser or is taken by eminent domain,
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0003| the vendor cannot enforce the contract, and the purchaser is
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0004| entitled to recover any portion of the price that has been
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0005| paid; or
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0006| B. if, when either the legal title or the
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0007| possession of the subject matter of the contract has been
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0008| transferred, all or any part thereof is destroyed without fault
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0009| of the vendor or is taken by eminent domain, the purchaser is
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0010| not thereby relieved from a duty to pay the price, nor is he
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0011| entitled to recover any portion thereof that has been paid.
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0012| Section 3. EFFECTIVE DATE.--The effective date of the
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0013| provisions of this act is July 1, 1997.
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0014| - -
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0001|
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0002|
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0003| FORTY-THIRD LEGISLATURE
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0004| FIRST SESSION, 1997
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0005|
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0006|
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0007| February 3, 1997
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0008|
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0009| Mr. President:
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0010|
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0011| Your JUDICIARY COMMITTEE, to whom has been referred
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0012|
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0013| SENATE BILL 186
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0014|
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0015| has had it under consideration and reports same with
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0016| recommendation that it DO PASS, and thence referred to the
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0017| CORPORATIONS & TRANSPORTATION COMMITTEE.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023|
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0024| __________________________________
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0025| Fernando R. Macias, Chairman
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0001|
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0002|
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0003|
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0004| Adopted_______________________ Not
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0005| Adopted_______________________
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0006| (Chief Clerk) (Chief Clerk)
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0007|
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0008|
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0009| Date ________________________
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0010|
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0011|
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0012| The roll call vote was 7 For 0 Against
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0013| Yes: 7
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0014| No: None
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0015| Excused: Sanchez
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0016| Absent: None
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0017|
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0018|
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0019| S0186JU1
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0020|
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0021|
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| February 11, 1997
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0003|
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0004| Mr. President:
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0005|
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0006| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0007| whom has been referred
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0008|
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0009| SENATE BILL 186
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0010|
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0011| has had it under consideration and reports same with
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0012| recommendation that it DO PASS.
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0013|
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0014| Respectfully submitted,
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0015|
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0016|
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0017|
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0018|
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0019| __________________________________
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0020| Roman M. Maes, III, Chairman
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0021|
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0022|
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0023|
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0024| Adopted_______________________ Not
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0025| Adopted_______________________
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0001| (Chief Clerk) (Chief Clerk)
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0002|
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0003|
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0004|
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0005| Date ________________________
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0006|
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0007|
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0008| The roll call vote was 9 For 0 Against
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0009| Yes: 9
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0010| No: None
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0011| Excused: Robinson
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0012| Absent: None
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0013|
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0014|
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0015| S0186CT1
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0016| State of New Mexico
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0017| House of Representatives
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0018|
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0019| FORTY-THIRD LEGISLATURE
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0020| FIRST SESSION, 1997
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0021|
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0022|
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0023| March 15, 1997
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0024|
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0025|
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0001| Mr. Speaker:
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0002|
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0003| Your JUDICIARY COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 186
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0006|
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0007| has had it under consideration and reports same with
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0008| recommendation that it DO PASS.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015| Thomas P. Foy, Chairman
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0016|
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0017|
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0018| Adopted Not Adopted
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0019|
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022| Date
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0023|
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0024| The roll call vote was 8 For 0 Against
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0025| Yes: 8
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0001| Excused: King, Luna, Mallory, Rios, Sanchez
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0002| Absent: None
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0003|
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0004|
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0005| G:\BILLTEXT\BILLW_97\S0186 State of New Mexico
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0006| House of Representatives
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0007|
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0008| FORTY-THIRD LEGISLATURE
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0009| FIRST SESSION, 1997
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0010|
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0011|
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0012| March 15, 1997
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0013|
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0014|
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0015| Mr. Speaker:
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0016|
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0017| Your JUDICIARY COMMITTEE, to whom has been referred
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0018|
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0019| SENATE BILL 186
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0020|
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0021| has had it under consideration and reports same with
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0022| recommendation that it DO PASS.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003|
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0004| Thomas P. Foy, Chairman
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0005|
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0006|
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0007| Adopted Not Adopted
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0008|
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011| Date
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0012|
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0013| The roll call vote was 8 For 0 Against
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0014| Yes: 8
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0015| Excused: King, Luna, Mallory, Rios, Sanchez
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0016| Absent: None
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0017|
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0018|
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0019| G:\BILLTEXT\BILLW_97\S0186
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