0001|                               AN ACT
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0002| RELATING TO REAL ESTATE CONTRACTS; ENACTING THE UNIFORM VENDOR AND
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0003| PURCHASER RISK ACT; CLARIFYING THE RIGHTS AND DUTIES OF PARTIES TO
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0004| CONTRACTS FOR THE PURCHASE AND SALE OF REAL ESTATE.
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0005| 
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0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0007|      Section 1.  SHORT TITLE.--This act may be cited as the "Uniform Vendor and Purchaser
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0008| Risk Act".
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0009|      Section 2.  RISK OF LOSS.--A contract made after the effective date of the Uniform
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0010| Vendor and Purchaser Risk Act for the purchase and sale of real estate shall be interpreted as
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0011| including an agreement that the parties shall have the following rights and duties, unless the
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0012| contract expressly provides otherwise:
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0013|           A.  if, when neither the legal title nor the possession of the subject matter of the
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0014| contract have been transferred, all or a material part thereof is destroyed without fault of the
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0015| purchaser or is taken by eminent domain, the vendor cannot enforce the contract, and the
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0016| purchaser is entitled to recover any portion of the price that has been paid; or
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0017|           B.  if, when either the legal title or the possession of the subject matter of the
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0018| contract has been transferred, all or any part thereof is destroyed without fault of the vendor or is
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0019| taken by eminent domain, the purchaser is not thereby relieved from a duty to pay the price, nor
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0020| is he entitled to recover any portion thereof that has been paid.
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0021|      Section 3.  EFFECTIVE DATE.--The effective date of the provisions of this act is
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0022| July 1, 1997.                         
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