N.M. Stat. » Chapter 42 — Actions and Proceedings Relating to Property
New Mexico Statutes

N.M. Stat. § 42-10-2 (2026)

Repealed

✓ current as of May 2026
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History: 1953 Comp., § 24-5-2, enacted by Laws 1971, ch. 215, § 2; 1979, ch. 182, § 2; 1981, ch. 113, § 2; 1983, ch. 69, § 2; 1978 Comp., § 42-10-2, repealed by Laws 2023, ch. 104, § 12.

ANNOTATIONS

Repeals. — Laws 2023, ch. 104, § 12 repealed 42-10-2 NMSA 1978, as enacted by Laws 1971, ch. 215, § 2, relating to exemptions of persons who support only themselves, effective July 1, 2023. For provisions of former section, see the 2022 NMSA 1978 on NMOneSource.com.

Notes of Decisions
Cited in 12 cases, 1981–2016 · leading case: Dona Ana Sav. & Loan Ass'n v. Dofflemeyer, 855 P.2d 1054 (N.M. 1993).
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Dona Ana Sav. & Loan Ass'n v. Dofflemeyer, 855 P.2d 1054 (N.M. 1993). · cites it 30× “NMSA 1978, § 42-10-2 (Cum.Supp. 1992). Section 42-10-3 states: The cash surrender value of any life insurance policy, the withdrawal value of any optional settlement, annuity contract or deposit with any life insurance company, all weekly, monthly, quarterly, semi-annual or…”
In re Bushey, 559 B.R. 766 (Bankr. D.N.M. 2016). · cites it 30× “1978 § 42-10-2 because he does not support himself.”
D'Avignon v. Graham, 823 P.2d 929 (N.M. Ct. App. 1991). · cites it 20× “Both NMSA 1978, Section 42-10-1, entitled "Exemptions of Married Persons or Heads of Households," and Section 42-10-2, entitled "Exemptions of Persons Who Support Only Themselves," exempt personal property in the amount of $500 and one motor vehicle in the amount of $4,000 [2]…”
Gordon v. Gordon, 2011-NMCA-044, 149 N.M. 783. · cites it 12× “The assets consist of an annuity, money purchase plan, profit sharing plan, and individual retirement accounts, which are normally exempt from legal process in favor of creditors under NMSA 1978, Section 42-10-2 (1983) and NMSA 1978, Section 42-10-3 (1937).”
Durham v. Gordon, 255 P.3d 361 (N.M. Ct. App. 2011). · cites it 12× “The assets consist of an annuity, money purchase plan, profit sharing plan, and individual retirement accounts, which are normally exempt from legal process in favor of creditors under NMSA 1978, Section 42-10-2 (1983) and NMSA 1978, Section 42-10-3 (1937).”
Albuquerque Nat'l Bank v. Zouhar (In Re Zouhar), 10 B.R. 154 (Bankr. D.N.M. 1981). · cites it 2× “§ 42-10-3 (1978) and with respect to pension and retirement plans, N.M.Stat.Ann. § 42-10-2 (1978). The vastly enhanced potential for exemptions in New Mexico obviously presents the potential for abuse of legitimate exemptions.”
Yparrea v. Roswell Prod. Credit Ass'n (In Re Yparrea), 16 B.R. 33 (Bankr. D.N.M. 1981). · cites it 2× “N.M.Stat.Ann. § 42-10-2 (1981). Such action creates a difference in the amount of exemptions for implements or tools of the trade under the state and federal exemption statutes.”
Larranaga v. Mile High Collection & Recovery Bureau, Inc., 807 F. Supp. 111 (D.N.M. 1992). · cites it 4× “The plaintiff eon-tends that the personal property in his automobile was exempt pursuant to N.M.Stat. Ann. § 42-10-2. In relevant part that statute states: “Personal property other than money in the amount of five hundred dollars ($500) .”
Reid v. ITT Fin. Servs. (In Re Reid), 121 B.R. 875 (Bankr. D.N.M. 1990). · cites it 2× “1978 § 42-10-2 (1990 Supp.). With such a statute, a lien may be avoided to the extent that the items are exempt undei applicable law, so that a lien on jewelry which has a value over $2,500 may only be avoided as to $2,500 in value.”
In Re Channon, 424 B.R. 895 (Bankr. D.N.M. 2010). “[I]t is our holding today that the conversion of non-exempt funds into funds that are ordinarily exempt under Sections 42-10-2 and -3 are not automatically protected from attachment by creditors without an analysis of whether the transfer served the underlying purpose of the…”
In Re Rojero, 399 B.R. 913 (Bankr. D.N.M. 2008). “1978 § 42-10-1 and § 42-10-2 (Cum.Supp.2007). 19. By giving legal advice to the Debtors in violation of 11 U.”
Martinez v. Vigil-Martinez, No. 31,790 (N.M. Ct. App. Apr. 9, 2013). · cites it 12× “The claim of exemption 11 purported to exempt “from collection by creditors any and all interest in or proceeds 12 from a pension or retirement fund pursuant to [NMSA 1978, Section 42-10-2 13 (1983)].” The claim did not reference the divorce decree, nor did it directly reference…”
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