44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO JUDICIAL SALES; PROHIBITING PERSONS APPRAISING PROPERTY FOR THE PURPOSES OF A JUDICIAL SALE FROM BECOMING PURCHASERS AT THE SALE; PROVIDING FOR A PENALTY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. JUDICIAL SALES--APPRAISERS PROHIBITED FROM PURCHASING.--A person that is appointed as an appraiser for the purpose of fixing the value of personal property in connection with the judicial sale of personal property to satisfy a judgment is disqualified from bidding on or having any direct or indirect interest in the purchase of the property being sold. A person that violates this prohibition shall forfeit all compensation paid him or owed to him for appraisal services in connection with the sale and shall be disqualified in the future from acting as an appraiser in connection with a judicial sale of personal property.