Section 19-1-3 - Delinquent payments; interest. - New Mexico Statutes

19-1-3. Delinquent payments; interest.

When entering  into contracts for the sale, lease or other disposition of public lands under his jurisdiction, the commissioner of public  lands is authorized to contract for payment of interest on any payment of rental, royalty, principal interest or other indebtedness which becomes delinquent. Interest on delinquent payments shall not exceed the rate of one percent a month nor  be less than one-half percent a month, for any fraction of a month. Interest shall accrue from the date the payment becomes  due.