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, 6/29/2012]
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, 6/29/2012]
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, 6/29/2012]
19.2.21.4 DURATION: Permanent.
[19.2.21.4
NMAC - Rp, 19.2.21.4 NMAC, 6/29/2012]
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, 6/29/2012]
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, 6/29/2012]
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, 6/29/2012; A, 6/30/2016]
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
the commissioner 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, the commissioner may, in the
commissioner’s 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, 6/29/2012; A, 6/11/2019]
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 the
commissioner’s 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, 6/29/2012; A, 6/30/2016;
A, 6/11/2019]
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, 6/29/2012]
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, 6/29/2012]
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, 6/29/2012]
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 the
commissioner 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, the commissioner 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, 6/29/2012; A, 6/11/2019]
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, 6/29/2012]
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 the commissioner’s 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 the commissioner’s
discretion may submit to the beneficiary institutions a copy of the exchange
agreement and any explanatory materials the commissioner 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, the commissioner’s reason for believing that
the exchange will benefit the trust, and any other information the commissioner
deems desirable.
[19.2.21.15
NMAC - Rp, 19.2.21.13 NMAC, 6/29/2012; A, 6/11/2019]
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, 6/29/2012]
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 8/5/1992.
History of
Repealed Material:
SLO
Rule 21, Relating to Land Exchanges, 5/31/2000.
19.2.21
NMAC, Land Exchanges repealed effective 6/15/2004 and replaced with 19.2.21 NMAC,
Land Exchanges effective 6/15/2004.
19.2.21
NMAC, Land Exchanges filed 05/26/04 repealed effective 6/29/2012 and replaced
with 19.2.21 NMAC, Land Exchanges effective 6/29/2012.
Other
History:
19.2.10
NMAC, Land Exchanges, Renumbered to 19.2.21 NMAC, 2/28/2002.