Section 47-7B-3 - Construction and validity of declaration and bylaws. - New Mexico Statutes

47-7B-3. Construction and validity of declaration and bylaws.

A.     All provisions of the declaration and bylaws are severable.   

B.     The rule against perpetuities shall not be applied to defeat any provision of the declaration, bylaws, rules or regulations adopted pursuant to Section 35 [47-7C-2 NMSA 1978] of the Condominium Act.   

C.     In the event of a conflict between the provisions of the declaration and the bylaws, the declaration prevails except to the extent the declaration is inconsistent with the Condominium Act.   

D.     Title to a unit and common elements is not rendered unmarketable or otherwise affected by reason of an insubstantial failure of the declaration to comply with the Condominium Act. Whether a substantial failure impairs marketability is not affected by that act.