State Ex Rel. Bingaman v. Valley Savings & Loan Association

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 in mortgages which either allow accelerated payments or increased interest rates upon a transfer of the mortgaged property may constitute an…