First Baptist Church of Roswell v. Yates Petroleum Corp.

Summary

The New Mexico Supreme Court held that NMSA 1978, §70-10-4 unambiguously requires payees to receive interest on oil and gas proceeds held in suspense and that this statutory mandate cannot be waived by contract. Accordingly, the Court reversed the Court of Appeals, affirmed the district court’s award of interest, and remanded for further proceedings consistent with the opinion.