AI Generated Opinion Summaries

This summary was computer-generated without any editorial revision. It is not official, has not been checked for accuracy, and is NOT citable.

Facts

• Ashok Kaushal won a judicial foreclosure sale and subsequently, the district court confirmed the sale. TAL Realty, Inc. (TAL), having acquired the mortgagor’s right of redemption through an assignment, petitioned for redemption of the property. TAL deposited funds with the district court calculated to cover Kaushal’s purchase price plus interest for twenty days from the sale confirmation to the deposit date. Kaushal contested the interest calculation, arguing he was entitled to interest for 132 days, from the sale confirmation to the final court order granting TAL’s redemption petition (paras 2).

Procedural History

• District Court of Santa Fe County, March 23, 2020: The district court granted TAL’s redemption petition, awarding twenty days of statutory interest and found that interest ceased to accrue upon TAL’s deposit of funds into the court registry (para 2).

Parties' Submissions

• Respondent-Appellant (Kaushal): Argued that he is entitled to interest for 132 days, from the sale confirmation to the final court order, asserting that interest should continue to accrue until the court approves the redemption (para 2).
• Petitioner-Appellee (TAL Realty, Inc.): Argued for the cessation of interest accrual upon depositing the redemption funds with the district court, in line with the statutory interest provision.

Legal Issues

• Whether the statutory interest of ten percent per year under NMSA 1978, Section 39-5-18, ceases to accrue upon the redeeming party depositing the purchase price with the court or continues until the district court enters a final judgment confirming the redemption (para 1).

Disposition

• The Court of Appeals affirmed the district court's judgment approving the redemption of the foreclosed property and awarding twenty days of statutory interest under Section 39-5-18 (para 16).

Reasons

• Per BACA, J. (DUFFY, J., and HENDERSON, J., concurring): The Court interpreted NMSA 1978, Section 39-5-18, de novo, focusing on the legislative intent and the plain meaning of the statute. The Court reviewed the historical context of judicial redemption and the concept of tender, concluding that a deposit of funds with the court registry constitutes a tender of payment, which stops the accrual of further interest. The Court distinguished this case from previous cases where the deposited amount was insufficient, noting that there was no dispute over the sufficiency of TAL's deposited amount. Thus, the Court held that statutory interest ceased accruing upon TAL’s deposit of the redemption funds into the court registry, aligning with the majority rule that interest stops accruing upon a proper and sufficient tender (paras 3-15).