The provisions of Subsections C, D and E of Section 56-8-9 NMSA 1978 are not applicable to loans secured by a first mortgage on farm, ranch or agricultural real estate where the purpose of the loan is primarily for farming, ranching or agricultural purposes.
History: 1953 Comp., § 50-6-15.1, enacted by Laws 1977, ch. 293, § 5.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Validity and construction of provision (escalator clause) in land contract or mortgage that rate of interest payable shall increase if legal rate is raised, 60 A.L.R.3d 473.