The judge of the district court shall appoint three appraisers to appraise such property proposed to be sold as specified in the preceding section and such appraisers shall make and return under oath an appraisement of the actual cash value of such property, and upon return of such appraisement to the district court, the board of commissioners shall proceed to advertise such property for public sale, giving at least three weeks' notice of the hour, time and place of such sale, which notice shall be inserted in some daily or weekly newspaper published in the city or town where such property is located, if one be published therein; if not, in some paper of general circulation therein, and shall cause such property to be offered for sale at the time stated in such notice; and such property shall not be sold for less than two-thirds of the appraised value, and it shall be the duty of such board to require the payment in cash of at least one-half of the purchase price of said property, and they shall require the purchaser in lieu of the remainder of the purchase price, to execute proper security for the amount of the same.
History: Laws 1909, ch. 59, § 2; Code 1915, § 1349; C.S. 1929, § 33-5702; 1941 Comp., § 15-4403; 1953 Comp., § 15-46-4.
ANNOTATIONSCross references. — For publication of notice generally, see 14-11-1 NMSA 1978 et seq.
Mineral lease. — Since the New Mexico supreme court has decided that an oil and gas lease conveys "real property," a mineral lease should be executed under the provisions of 4-47-3 NMSA 1978 and this section, which provide means of sale of property by a county at public auction, under the supervision of a district court. Following these provisions would provide protection to the county commissioners. 1955 Op. Att'y Gen. No. 55-6194.