Section 73-9-20 - Special proceedings to enforce collection. - New Mexico Statutes

73-9-20. Special proceedings to enforce collection.

In the event of any default in the payment of the interest upon or principal of any bonds issued, and if the said district or its proper officers shall fail or neglect to enforce payment of any unpaid assessment, the holder of any one of said bonds may, for himself and for the benefit of all others similarly situated, enforce the said liens and collect the assessments by suit or action against the land or lands, property or properties on which such assessment has not been paid, and against said district; or may apply for the appointment of a receiver to collect the assessment and enforce the liens aforesaid; and the proceeds of such assessments and collections shall be applied, after payment of costs, first to overdue interest, and then to payment pro rata of all bonds issued by said board, which are then due and payable; and the said receiver may be directed by suit to foreclose the lien of said assessments on said property. The suits so brought by any bondholder or receiver shall be conducted in all matters as suits for the collection of debts and foreclosure of liens under mortgages and trust deeds, and the decree in such suits and the deeds issued pursuant thereto shall have the same presumption in their favor: provided, however, that when all such sums have been paid, the receiver shall be discharged, and the affairs of the district conducted by the board as hereinbefore provided.   

In any special proceeding commenced under the provisions of this section, the district, and all land and all property or properties on which assessments have not been paid, may be made joint defendants, but separate judgments shall be entered and enforced.