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STATE EX REL. BINGAMAN v. VALLEY SAV. & LOAN

Nos. 13278, 13391.

636 P.2d 279 (1981)

97 N.M. 8

STATE of New Mexico, ex rel. Jeff BINGAMAN, Attorney General, Plaintiff-Appellee, v. VALLEY SAVINGS & LOAN ASSOCIATION, Defendant-Appellant.

Supreme Court of New Mexico.

As Modified on Denial of Rehearing November 12, 1981.

Attorney(s) appearing for the Case

Losee, Carson & Dickerson, A.J. Losee, Joel M. Carson, Artesia, for defendant-appellant.

Jeff Bingaman, Atty. Gen., Janice M. Ahern, Asst. Atty. Gen., Santa Fe, for plaintiff-appellee.

Richard Bosson, Ortega & Snead, Michael D. Bustamante, Albuquerque, for amicus curiae.

OPINION

SOSA, Senior Justice.

This is an appeal from the district court's judgment declaring certain practices of appellant, Valley Savings and Loan Association (VSL), to be contrary to the provisions of Sections 48-1-11 through 48-7-14, N.M.S.A. 1978 (Cum.Supp. 1981) (the "due-on-sale" law), which became effective March 15, 1979. Appellant also appeals from the supplemental restitutionary relief granted.

The "due-on-sale" law provides that clauses...

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