The provisions of Subsections C, D and E of Section 56-8-9 NMSA 1978 are not applicable to loans secured by a first mortgage on farm, ranch or agricultural real estate where the purpose of the loan is primarily for farming, ranching or agricultural purposes. History: 1953 Comp., § 50-6-15.1, enacted by Laws 1977, ch. 293, § 5. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Validity and construction of provision (escalator clause) in land contract or mortgage that rate of interest payable shall increase if legal rate is raised, 60 A.L.R.3d 473.
New Mexico Legal Code