A. On July 1, 2025, and at each two-year interval ending on July 1 thereafter, each dollar amount provided for in Sections 35-12-18, 42-10-1, 42-10-4, 42-10-9 and 42-10-10 NMSA 1978 shall be adjusted to reflect the change in the consumer price index for all urban consumers as published by the United States department of labor for the most recent two-year period ending immediately before such January 1 preceding such July 1. The administrative office of the courts shall publish any adjustments to the exemptions in Sections 35-12-18, 42-10-1, 42-10-4, 42-10-9 and 42-10-10 NMSA 1978 every two years on July 1, beginning July 1, 2025. The dollar amount shall be adjusted to the twenty-five-dollar ($25.00) increment nearest to the dollar amount that represents such change.B. Adjustments made in accordance with Subsection A of this section shall not apply to legal proceedings commenced prior to the date of such adjustments.History: 1978 Comp., § 42-10-14, enacted by Laws 2023, ch. 104, § 10. ANNOTATIONSEffective dates. — Laws 2023, ch. 104, § 14 made Laws 2023, ch. 104, § 10 effective July 1, 2023.Applicability. — Laws 2023, ch. 104, § 13 provided that the provisions of Laws 2023, ch. 0. ANNOTATIONSEffective dates. — Laws 2023, ch. 104, § 14 made Laws 2023, ch. 104, § 10 effective July 1, 2023.Applicability. — Laws 2023, ch. 104, § 13 provided that the provisions of Laws 2023, ch. 104 apply to actions filed on or after July 1, 2023. Exemption for furniture. — This section does not set a dollar limit on furniture so that a lien on furniture may be avoided under the federal bankruptcy law regardless of amount, provided that the furniture falls within the bankruptcy statute. Reid v. ITT Fin. Servs., 121 Bankr. 875 (Bankr. D.N.M. 1990).
New Mexico Legal Code