TITLE 19 NATURAL
RESOURCES AND WILDLIFE
CHAPTER 2 STATE
TRUST LANDS
PART 21 LAND
EXCHANGES
19.2.21.1 ISSUING AGENCY: Commissioner
of Public Lands - New Mexico State Land Office.
[19.2.21.1
NMAC - Rp, 19.2.21.1 NMAC, 06/29/12]
19.2.21.2 SCOPE: This part pertains to all exchanges of lands
held in trust by the commissioner of public lands under the terms of the
Enabling Act and subsequent legislation.
This rule does not apply to exchanges with the United States department
of the interior or to governmental entities except to the extent that the
commissioner decides to apply any portion of this rule to a specific exchange
to ensure substantial conformity with the requirements of the Enabling Act.
[19.2.21.2 NMAC - Rp,
19.2.21.2 NMAC, 06/29/12]
19.2.21.3 STATUTORY AUTHORITY: The commissioner’s authority to manage and
dispose of trust lands is found in N.M. Const. Art. XIII,
Section 2, and in Section 19-1-1 NMSA 1978. The authority to promulgate this part is
found in Section 19-1-2 NMSA 1978.
[19.2.21.3
NMAC - Rp, 19.2.21.3 NMAC, 06/29/12]
19.2.21.4 DURATION: Permanent.
[19.2.21.4
NMAC - Rp, 19.2.21.4 NMAC, 06/29/12]
19.2.21.5 EFFECTIVE DATE: June 29, 2012, unless a later date is cited at the
end of a section.
[19.2.21.5
NMAC - Rp, 19.2.21.5 NMAC, 06/29/12]
19.2.21.6 OBJECTIVE: The objective of this part is to provide for
the orderly and lawful exchange of trust lands when such exchanges will result
in a financial benefit to the trust, and when the exchange of such trust lands
would benefit the trust more than their retention.
[19.2.21.6
NMAC - Rp, 19.2.21.6 NMAC, 06/29/12]
19.2.21.7 DEFINITIONS: The following terms are used in this part as
defined below:
A. “beneficiary institutions” means those
institutions or other entities specified in Section 19-1-17 NMSA 1978, as
amended, or other provisions of statute for whose benefit trust lands are held;
B. “commissioner” means the New
Mexico commissioner of public lands or the commissioner's agents or employees
who are authorized to act in the commissioner's stead in a particular
transaction;
C. “cultural property” means a structure, place, site or object
having historic, archaeological, scientific, architectural or other cultural
significance and included on or eligible for inclusion on either the New Mexico
register of cultural properties pursuant to the New Mexico Cultural Properties
Act, NMSA 1978, Sections 18-6-1 through 18-6-17, or listed on or eligible for
listing on the national register of historic places pursuant to the National
Historic Preservation Act, 16 U.S.C. Section 470;
D. “description” when used in connection with describing
lands, means a description given in meets and bounds when appropriate,
or in aliquot parts in such a way as to delineate each full or partial quarter quarter section and each full or partial lot and the
acreage of each, or a description in some other form approved by the
commissioner; a description shall include a description of all encumbrances and
of all easements or other servitudes burdening or benefiting the property
except to the extent that this requirement is waived by the commissioner;
E. “exchange” means a sale of trust lands
wherein payment will be accepted by in-kind payment in the form of a conveyance
of certain non-trust lands in exchange for a conveyance of certain trust lands,
by monetary payment or by any combination thereof;
F. “exchange agreement” means a formal, written agreement entered into between the commissioner and an exchange party for an exchange of trust
lands for non-trust lands plus any monetary payment;
G. “exchange applicant” means a
governmental entity, or a private entity, that has filed an exchange application
or who has qualified to bid on an exchange, under this rule;
H. “exchange party” means an
exchange applicant whose exchange proposal has been accepted by the
commissioner and who has entered into an exchange agreement with the
commissioner;
I. “exchange proposal” means a
proposal for an exchange submitted to the commissioner by an exchange applicant
in conformance with the requirements of this rule and the provisions of any
published request for exchange proposals;
J. “governmental entity”
means the state of New Mexico, its agencies or political subdivisions, Indian
tribes and pueblos, or federal government agencies other than the department of
interior;
K. “hazardous materials” means any
substance or material that is governed or regulated by any statute, regulation,
rule, order, finding or directive promulgated, issued or enacted by a federal,
state or local governmental entity and that relates to industrial hygiene or
environmental protection, including but not limited to the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C.
Sections 9601-9675 and any successor provisions, and the Resource Conservation
and Recovery Act (RCRA), 42 U.S.C. Sections 6901-6992 and any successor
provisions;
L. “improvements” means any of the following:
(1) any item of tangible
property developed, placed, created or constructed on the lands involved
including, but not limited to, buildings, equipment and fixtures;
(2) water rights appurtenant
to the lands involved, including without limitation any water rights developed
or used on the land involved for the benefit of that land; and
(3) any tangible or
intangible property, rights, approvals or privileges obtained or developed for
the benefit of, or made appurtenant to, the lands involved that are designated
as improvements by the commissioner;
M. “improvement value” means the value
of improvements placed on trust lands, which value is finally determined or
accepted by the commissioner;
N. “non-trust lands” means lands
other than trust lands, located in New Mexico;
O. “qualified appraiser” means a state
licensed or certified real estate appraiser as set forth in Section 61-30-3,
61-30-11 and 61-30-12 NMSA 1978 or any successor provisions of law;
P. “raw land value”
means the value of land that may be accepted by the commissioner for purposes
of in-kind payment after the value of depreciable improvements (if any) have
been excluded or reduced from the full appraised value;
Q. “schedule of fees” means a list of fees that must be paid for performance of certain
administrative functions. The schedule
of fees shall be published on the state land office website and is subject to
change at the discretion of the commissioner.
Unless otherwise noted in the schedule of fees or in this rule, the fee
shall be non-refundable;
R. “state” means
the state of New Mexico;
S. “state land office” means the New
Mexico state land office;
T. “true value” means fair market value as determined by any objective, reliable and commercially
acceptable method including but not necessarily limited to appraisal by an
appraiser;
U. “trust” means the trust established by the
Enabling Act (Act of June 20, 1910, 36 Statutes at Large 557, Chapter 310), and
that trust's assets, which are administered through the state land office by
the commissioner;
V. “trust lands” means all lands
with all appurtenant rights and privileges, owned by the trust as shown in the
state land office master title tract books or other records of the state land office;
and
W. “working day” means any day other than a
Saturday, a Sunday or a day on which the state land office is required to be
closed.
[19.2.21.7
NMAC - Rp, 19.2.21.7 NMAC, 06/29/12; A, 06/30/16]
19.2.21.8 EXCHANGE STANDARDS:
A. The commissioner may enter into an
exchange when the commissioner determines that the exchange will result in a financial
benefit to the trust.
B. When lands are
placed for public auction under this rule, the commissioner will accept payment
for such lands in the form of in-kind payment through an exchange of non-trust
lands for trust lands, monetary payment, or any combination thereof that
results in the greatest financial benefit to the trust.
C. Trust lands may be exchanged for
non-trust lands owned in fee simple absolute by a governmental entity or by a
private entity or entities. The
commissioner cannot accept in an exchange any lands subject to a mortgage, lien
or other encumbrance.
D. In any
exchange, the trust must receive at least true value for the trust
lands that are conveyed to an exchange party.
To meet this requirement, the commissioner shall require appraisals of
the trust lands and the non-trust lands proposed to be exchanged at their true
value and can only proceed with an exchange after first determining that the
value of the non-trust lands to be received by the state, plus any monetary
payment offered, are of equal or greater financial value to the trust. Each appraisal must: (1) be conducted, by a qualified appraiser
(the commissioner may require that the appraisals be performed by the land office
staff appraiser, or that the appraiser be selected and approved in advance);
(2) conform to the uniform standards of professional appraisal practice and any
other reasonable standards set by the commissioner; (3) be reviewed by a state land
office staff qualified appraiser or a different qualified appraiser and approved
by the commissioner, and (4) whenever possible, utilize an appraisal approach
that allows the commissioner to identify raw land value as separate from the
value of any improvements. This
provision shall not be construed as prohibiting the use of a running exchange
account as provided in Subsection G of this section. Appraisals conducted or received by the
commissioner in connection with an exchange or proposed exchange under this
rule, as well as the commissioner’s review of any such appraisal,
shall be considered confidential information and not public information until
the commissioner has selected an exchange proposal as provided in 19.2.21.12
NMAC. The commissioner may waive
confidentiality in the case of any appraisal or any review of an appraisal if
he determines that it is in the best interest of the trust to do so.
E. The non-trust lands, monetary payment or
any combination thereof received by the commissioner in an exchange, and any
proceeds therefrom, shall be applied to and become a
part of the trust for which the trust lands exchanged by the commissioner were
originally granted.
F. A single exchange transaction may
involve more than one exchange party and may involve trust lands held in trust
for the benefit of more than one beneficiary institution. When the exchange involves the commissioner
conveying lands held in trust for more than one beneficiary institution, the
non-trust lands and any monetary payment received by the commissioner in the
exchange shall be apportioned to the different beneficiary institutions in such
a way that the value of each beneficiary institution’s interest in the newly
acquired land and any monetary payment is proportional to its interest in the
trust lands conveyed.
G. When the commissioner determines that
the best interests of the trust will be promoted thereby, he may, in his
discretion, enter into an agreement with a governmental entity, to engage in a
series of exchanges over a period of time.
Such an agreement will provide for a running exchange account in which
both agencies will, among other things:
(1) account for
the value of all properties exchanged;
(2) make provision
for differences in the property values of one exchange to be offset against
property values in subsequent exchanges;
(3) provide for methods of discharge and
reduction of account balances;
(4) may, subject to agreement by the
parties, provide for interest on account exchange balances which remain un-discharged
for over one year;
(5) provide for
interagency annual reconciliation of account balance figures; and
(6) provide for
termination of the agreement and a method for final resolution of outstanding
account balances.
H. The commissioner shall convey the trust
lands being exchanged using such instruments of conveyance that are in the best
interest of trust, which instruments shall contain such reservations to the
trust as are required by law and as are deemed appropriate by the
commissioner. Conveyances of trust lands
shall be subject to all valid existing rights at the date of conveyance.
(1) A conveyance document by which the
commissioner conveys trust lands shall be similar in content to a state land
office patent and may be entitled “exchange patent.”
(2) A conveyance
document by which the commissioner conveys trust land shall reflect any
existing oil, gas, mineral or geothermal leases on the property being conveyed
by the commissioner.
I. In any exchange, the commissioner shall
receive conveyances of non-trust lands by instruments containing acceptable
guarantees of title such as patent, government deed or warranty deed,
accompanied by such other documents evidencing marketable and unencumbered
title as are deemed appropriate by the commissioner, including, if not waived
by the commissioner, policies of title insurance.
(1) Such instruments shall
contain language stating that the conveyance is made for and in consideration
of the exchange of trust lands.
(2) An instrument of
conveyance executed by individual exchange parties shall disclose the marital
status of the exchange party and shall also be executed by the spouse of a
married exchange party.
(3) Instruments of conveyance
received by the commissioner in exchanges shall be executed, acknowledged
and filed of record with the state land office and, if appropriate, with the
counties in which the non-trust lands conveyed by such instruments are located,
and the exchange party shall pay all costs and fees associated with such
filing.
J. Exchange parties shall deposit with the
commissioner, for the benefit of the owner of improvements located on the trust
lands proposed for exchange, the improvement value as determined by an appraisal
made or approved by the commissioner. This requirement does not apply where the
exchange party is the owner of the improvements. The provisions of this subsection also shall
not apply to improvements placed on trust lands for the exploration, development
or production of oil and gas, geothermal resources, sand, gravel, coal, shale,
clay, building stone or materials, potassium, sodium, phosphorus, salt or any
other minerals or natural deposits of whatsoever kind located in, under or upon
the trust lands proposed for exchange where only the surface of the trust lands
is proposed for exchange.
(1) In lieu of payment of
improvement value, an exchange party may file with the commissioner a bill of
sale from, or a waiver of payment signed by, the owner of the improvements.
(2) The commissioner may
require the costs of improvement appraisal to be paid by the exchange applicant
or exchange party.
(3) For purposes of
compensation, improvements shall include:
(a) those
placed, created, developed or moved upon the trust lands that were approved by
the commissioner or otherwise in compliance with Section 19-7-51 NMSA 1978;
(b) those placed, created,
developed or moved upon the trust lands prior to March 1, 1955, whether or not
their values exceed the amounts prescribed by Section 19-7-51 NMSA 1978; and
(c) those
placed, created, developed or moved upon the trust lands on or after March 1,
1955, but prior to March 1, 1975, and subsequently approved in writing by the
commissioner.
(4) Property placed, created,
developed or moved upon leased trust lands on or after March 1, 1955, by a
lessee in violation of Section 19-7-51 NMSA 1978 and not subsequently approved
by the commissioner, may be approved as an improvement by the commissioner if
the commissioner determines it benefits the trust lands on which it is located
for purposes of a proposed exchange. For
purposes of compensation paid to the owner of such improvements, however, an
undivided twenty-five percent of the value of all such permanent improvements
that are valued in excess of the amounts specified in Section 19-7-51 NMSA 1978
shall be and remain a part of the trust lands offered for exchange.
(5) Property placed, created, developed
or moved on trust lands by mistake on or after March 1, 1975, by one not acting
in the capacity of a lessee shall not be recognized as an improvement by the
commissioner for purposes of compensation paid to the owner of the property
unless:
(a) the commissioner determines the
property was placed on the trust land in the good faith, non- negligent belief
it was being located on adjacent non-trust land; and
(b) the property
enhances the value of the trust land for purposes of the proposed exchange.
K. Exchange applicants or exchange parties
shall pay all costs of exchanges, including but not necessarily limited to
costs of publication, land appraisal, appraisal of improvements, surveying and
recording, unless such requirement is waived by the commissioner. The commissioner may require an exchange
applicant or exchange party either to pay such costs to the commissioner for
payment to service providers or to pay such costs directly to the providers.
[19.2.21.8
NMAC - Rp, 19.2.21.8 NMAC, 06/29/12]
19.2.21.9 EXCHANGE PROPOSALS AND
PROCEDURES:
A. A proposed
exchange may be initiated either by an applicant or by the commissioner.
B. Exchange
procedure initiated by applicant:
(1) A party interested in exchanging
non-trust land may initiate an exchange procedure by filing with the
commissioner an initial application to exchange land on a form prescribed by
the commissioner, accompanied by a non-refundable application fee as set forth
in the schedule of fees. The initial
application shall include the identity and address of the applicant; a legal
description of the non-trust lands proposed to be exchanged; the estimated
market value of the non-trust lands; the current uses of the non-trust lands;
ownership of the non-trust lands; a description of any known environmental or
cultural properties issues related to the non-trust lands; a legal description
of the trust lands that the applicant seeks to acquire; an estimate of the
value of such trust lands; a deposit in an amount determined by the
commissioner as sufficient to pay the costs of appraisal of the trust lands and
non-trust lands (unless the commissioner has agreed to accept an appraisal or
appraisals previously performed or to be
performed at the applicant’s expense); and such other information as the
commissioner may request in writing. The
commissioner shall advise the relevant beneficiary institution(s) through
written correspondence that an exchange application was received.
(2) Following submission of
an initial application, the commissioner will make a determination as to
whether further investigation of the suggested exchange is warranted and shall
so inform the exchange applicant. If the
commissioner determines that the suggested exchange does not offer sufficient
potential benefit to the trust, the application will be rejected and the
exchange process will terminate.
C. Exchange procedure initiated by the
commissioner. The commissioner
may make his own preliminary determination that an exchange of certain trust
lands would result in a financial benefit to the trust. In that case, the commissioner may initiate
an exchange process by publishing a request for exchange proposals in
accordance with 19.2.21.10 NMAC below.
[19.2.21.9
NMAC - Rp, 19.2.21.9 NMAC, 06/29/12; A, 06/30/16]
19.2.21.10 PUBLIC NOTICE OF A PROPOSED
EXCHANGE:
A. Notice of a proposed exchange shall
be published once each week for not less than ten (10) consecutive weeks in a newspaper of general circulation
published locally at the state capital, and a newspaper of like circulation
which shall be locally published nearest the lands so offered for exchange. Said
notice will also be posted on the state land office website. Said notice shall
set forth the nature, time and specific place of the auction, which place shall
be at the county seat wherein the lands or the major portion thereof are
located. Said notice shall also state that the commissioner will accept bids
offering in-kind payment in the form of non-trust lands to be exchanged for
trust lands, monetary payment or any combination thereof.
B. The notice shall
include a description or a statement of the location of the trust lands offered
for exchange and their total acreage; a description of leases, rights of way,
easements or other uses, if any, to which the trust lands are subject as
indicated by the records of the state land office; a general description of
reservations to be included in the conveying instrument; the types of
improvements located on the trust lands to be exchanged and their estimated
values; the estimated publication and other costs to be deposited by each
prospective bidder and paid by the successful bidder; the address and telephone
number from which any interested person may obtain additional information, the
form of conveyance instrument required to be used for in-kind payment, the deadline,
form, and substantive requirements that must be satisfied in order to qualify
to bid, the location where exchange proposals must be submitted; and any other
information the commissioner deems pertinent.
C. In each case of a proposed exchange with another
governmental entity, the commissioner shall determine what notice, if any, is
required.
D. The form of
instrument to be used in an exchange to convey the trust lands involved shall
be available for inspection by prospective exchange applicants.
E. Non-trust lands proposed for exchange
shall be open to the commissioner for inspection and appraisal. Trust lands for which the commissioner has
published a request for exchange proposals shall be open to prospective
exchange applicants for inspection and appraisal by obtaining permission from
the state land office.
[19.2.21.10
NMAC - Rp, 19.2.21.9 NMAC, 06/29/12]
19.2.21.11 QUALIFICATION
OF BIDDERS: In order to qualify to bid, each prospective
bidder in an exchange must submit a bid qualification packet satisfying the
following criteria the qualification deadline set forth in the public notice:
A. Each prospective bidder must deposit
with the commissioner a non-refundable application fee, the publication costs
described in the public notice, and cost of appraisal(s) as described in the
public notice. Publication and appraisal
cost deposits may be refunded to all prospective bidders except for the
successful bidder.
B. Each prospective bidder must deposit
with the commissioner the appraised value of the improvements on the trust land
as determined by the commissioner, a waiver of payment of such amount signed by
the owner of the improvements, or a bond sufficient to cover the appraised
value if an appeal is to be taken, unless the prospective bidder is the owner
of the improvements. Improvement value
deposits will be refunded to all prospective bidders except for the successful
bidder.
C. Prospective bidders proposing to
offer in-kind payment for all or part of the bid must submit the following for
the land or lands so offered subject to approval by the commissioner:
(1) a survey
plat and legal description of the non-trust lands performed by a licensed
professional surveyor in the state of New Mexico;
(2) an appraisal performed by a qualified
appraiser conforming to the uniform standards of professional appraisal
practice; the commissioner may require specific
appraisal instructions and require that the appraiser be approved in advance; whenever
possible, the appraiser must utilize an appraisal approach that
allows the commissioner to identify raw land value as separate from the value
of any improvements; the commissioner may
exclude the value of improvements in order to determine the value of the land
that may be used as in-kind payment; to the extent the commissioner considers
the value of improvements for purposes of in-kind payment, their value will be
separately evaluated by land office staff; the commissioner reserves the right
to reject any appraisal;
(3) a title
commitment for the non-trust with common details and any additional specific
details as required by the commissioner in the public notice;
(4) a
description of any water rights on the non-trust lands including documentation
of the declaration or adjudication of such rights;
(5) a complete
listing of cultural properties located on the non-trust lands and documentation
thereof;
(6) a complete
listing of hazardous materials or threatened or endangered species located on
or in close proximity to the non-trust lands and documentation thereof; and
(7) a list of
existing leases or other encumbrances on the land, if any, not shown in the
title commitment.
D. Prospective bidders proposing to
offer monetary payment for all or part of the bid must deposit with the
commissioner a cash deposit or letter of credit, subject to review and approval
by the commissioner, in an amount at least equivalent to either: 1) if no land
is offered as partial in-kind payment, the full appraised value of the trust
lands offered for exchange, or 2) if land is offered as partial in-kind
payment, the difference between full appraised value of the trust lands and
full appraised raw land value of the non-trust lands proposed as partial
in-kind payment.
E. Prospective bidders may deposit
in-kind or monetary payment, or any combination thereof, in excess of the full
appraised value of the trust lands and any such amount deposited will set the
minimum opening bid at the live public auction.
Prospective bidders making deposits in excess of the full appraised
value of the trust lands must clearly identify the full amount of their bid as
distinguishable from all other required costs and fees.
[19.2.21.11
NMAC - Rp, 19.2.21.9 NMAC, 06/29/12]
19.2.21.12 PUBLIC AUCTION:
A. Except as provided in Subsection C of
19.2.21.10 NMAC above, if the
commissioner determines that an exchange of the trust lands may be in the best
interest of the trust, the commissioner will offer the trust lands for exchange
by public auction.
B. After the
commissioner has reviewed the bid qualifications of all prospective bidders as
described in 19.2.21.11 NMAC above and the public notice, the commissioner will
send written notice to each indicating at a minimum: 1) whether or not they have qualified to bid
at the public auction, 2) the time, date and location of the auction, and 3)
the minimum opening bid at the auction.
Only qualified bidders may bid at the public auction.
C. No trust lands
will be exchanged except to the highest bidder at a live public auction held at
the county seat of the county wherein the lands to be exchanged, or a major
portion thereof, lie, and only after public notice has been given by advertisement
in accordance with this rule and applicable law.
D. The minimum opening bid at auction will
be the greater of either: 1) the true
value of the subject trust land as determined by appraisal and as described in
the public notice; or 2) the highest deposit (excluding required costs and
fees) submitted by a prospective bidder during bidder qualification; bids at the auction in excess of the minimum
must be in the form of cash bids only and the winning bidder must deposit such
with the commissioner in a form acceptable to the commissioner within five (5)
days of the auction.
[19.2.21.12 NMAC - N, 06/29/12]
19.2.21.13 SELECTION; REJECTION:
A. Within a reasonable time after the
published closing date for submission of exchange proposals including any
period of time required for requesting, receiving and analyzing any
supplemental information or documentation requested by the commissioner, the
commissioner may reject all exchange proposals submitted or select the proposal
or proposals he determines to provide the greatest financial benefit to the
trust. The commissioner shall notify
each exchange applicant whose exchange proposal is rejected. If the commissioner selects more than one
proposal, he shall conduct further review of the proposals so selected, may
request supplemental information from the respective applicants, and may
conduct a supplemental competitive process among those applicants before making
a final selection.
B. The commissioner
reserves the right to reject any and all bids, or to cancel an auction, sale,
or exchange at any time before closing, and to reinitiate the process of
offering the trust lands for long-term lease, sale or exchange on the same or
different terms.
[19.2.21.13
NMAC - Rp, 19.2.21.10 NMAC, 06/29/12]
19.2.21.14 CLOSING AN EXCHANGE:
A. Closing of the exchange must occur
within ninety (90) days of the auction, except that this period may be extended
as necessary in the commissioner’s sole discretion.
B. On the date of closing, the
successful bidder, if any, shall be required to convey the non-trust lands to
be used as in-kind payment to commissioner and to otherwise pay the full amount
bid through such conveyance, monetary payment or any combination thereof. The exchange of trust lands for
non-trust lands shall be consummated in accordance with the exchange agreement
by a simultaneous exchange of conveyancing documents and monetary payment, if
any, between the commissioner and the exchange party or parties unless the
exchange is part of a series of exchanges covered by a running exchange account
agreement as provided in Subsection G of 19.2.21.8 NMAC.
C. If the commissioner
accepts in-kind payment for all or part of the payment the commissioner and the
applicant shall enter into a written exchange agreement. The exchange agreement may include, but shall
not necessarily be limited to, legal descriptions of the trust land and
non-trust land to be exchanged; an ALTA survey of the non-trust land unless
waived by the commissioner; a statement of the comparative value of the tracts
to be exchanged; a closing date; a description of the conveyance documents to
be exchanged (which may be accomplished by attaching forms of such documents as
exhibits); a listing of all documents to be exchanged at the closing, including
conveyance documents and any title insurance policy documents; a statement that
the exchange party has complied with applicable legal obligations and
requirements with respect to the non-trust lands such as the payment of property
taxes, and compliance with environmental, zoning, cultural properties or other
applicable laws, as may be appropriate; any applicable escrow provisions; a
statement as to when the parties shall be entitled to take possession of the
lands being exchanged; a statement regarding notification of the exchange to
the beneficiary institutions; a statement regarding the payment of exchange
costs and improvement value; a provision for termination of the exchange
agreement; standard contractual provisions (such as amendments, entire
agreement, governing law); and any other terms or conditions the parties find
appropriate.
[19.2.21.14
NMAC - Rp, 19.2.21.12 NMAC, 06/29/12]
19.2.21.15 NOTICE
TO BENEFICIARY INSTITUTIONS:
A. Upon causing a request for exchange
proposals to be published as required by 19.2.21.10 NMAC above, the
commissioner in his discretion may submit to the beneficiary institutions for
whose benefit the trust lands proposed to be exchanged are held in trust a copy
of the request for exchange proposals and any statement of the commissioner’s
reasons for believing that such an exchange will be beneficial to the trust and
to the beneficiary institutions. Upon
entering into an exchange agreement as required by 19.2.21.14 NMAC above, the
commissioner in his discretion may submit to the beneficiary institutions a
copy of the exchange agreement and any explanatory materials he finds
appropriate.
B. Upon
consummation
of an exchange, the commissioner shall submit a written report to all
beneficiary institutions involved setting forth a description of the trust
lands and the non-trust lands involved, their appraised values, his reason for
believing that the exchange will benefit the trust, and any other information
he deems desirable.
[19.2.21.15
NMAC - Rp, 19.2.21.13 NMAC, 06/29/12]
19.2.21.16 RECORDING: The
commissioner will cause the conveyancing documents to be recorded and filed
with the records division of the state land office. The exchange party will cause the conveyancing
documents to be recorded with the appropriate county clerks and will thereafter
deliver to the commissioner copies thereof showing such recordation.
[19.2.21.16 NMAC - Rp,
19.2.21.15 NMAC, 06/29/12]
HISTORY of
19.2.21 NMAC:
Pre-NMAC History: Material in this part was derived from that
previously filed with the State Records Center and Archives:
SLO
Rule 21, Relating to Land Exchanges, filed 08/5/92.
History of
Repealed Material:
SLO
Rule 21, Relating to Land Exchanges, 05/31/2000.
19.2.21
NMAC, Land Exchanges repealed effective 06/15/04 and replaced with 19.2.21
NMAC, Land Exchanges effective 06/15/04.
19.2.21
NMAC, Land Exchanges filed 05/26/04 repealed effective 06/29/12 and replaced
with 19.2.21 NMAC, Land Exchanges effective 06/29/12.
Other History:
19.2.10
NMAC, Land Exchanges, Renumbered to 19.2.21 NMAC, 02/28/02.