That contracts for the purchase of state lands now outstanding shall, upon application of the holders thereof and payment of a fee of four dollars [($4.00)] for each contract of one section or less, and ten cents [($.10)] for each additional section or fraction thereof, be canceled, and new contracts issued under the provisions of this act [19-7-10, 19-7-12 NMSA 1978], in lieu of such outstanding contracts. Provided, that the provisions of this act shall not be applicable to lands selected for the benefit of the Santa Fe and Grant county railroad bond fund, but such lands shall be sold as provided by Section 19-7-13 [repealed] NMSA 1978, and outstanding contracts for such lands shall not be subject to the provisions of this section.
History: Laws 1917, ch. 52, § 4; C.S. 1929, § 132-161; 1941 Comp., § 8-812; 1953 Comp., § 7-8-12.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1989, ch. 179, § 2 repealed 19-7-13 NMSA 1978, effective June 16, 1989.
Constitutionality. — There is nothing in the constitution which prevents the state from canceling contracts of purchase of state land, where the purchaser is unable to make his payments, and then leasing them to him on terms which he can meet. Vesely v. Ranch Realty Co., 1934-NMSC-067, 38 N.M. 480, 35 P.2d 297.
Replacement of contract with lease. — Commissioner of public lands may agree with purchaser to cancel contracts of purchase of state lands held by purchaser, where purchaser alleges his inability to carry such contract, and at the same time issue to such purchaser a lease for the same land at a rental lower than the amount necessary to carry contracts of purchase. Vesely v. Ranch Realty Co., 1934-NMSC-067, 38 N.M. 480, 35 P.2d 297.