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LOS QUATROS, INC. v. STATE FARM LIFE INS.

No. 18443.

800 P.2d 184 (1990)

LOS QUATROS, INC., a New Mexico Corporation, Plaintiff-Appellee, v. STATE FARM LIFE INSURANCE COMPANY, a New Mexico Corporation, and Southwest Mortgage Company, A New Mexico Corporation, Defendants-Appellants.

Supreme Court of New Mexico.

August 23, 1990.

Attorney(s) appearing for the Case

Sutin, Thayer & Browne, Sasha Siemel, Tila Fleming Hoffman, Albuquerque, for defendants-appellants.

Cole & Myers, David Campbell, John A. Myers, Albuquerque, for plaintiff-appellee.

OPINION

MONTGOMERY, Justice.

The last sentence of NMSA 1978, Section 48-7-19(A) (Repl.Pamp. 1987), enacted in 1983, provides: "There shall be no enforcement of a prepayment penalty in said mortgages." The phrase "said mortgages" means, the parties to this appeal seem to agree, real property loans made or assumed between March 15, 1979 and October 15, 1982. The mortgage in this case represents such a loan, and it contains a prohibition on prepayment by the...

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