Palmer v. City of Albuquerque

Citations

• 19 N.M. 285

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Municipal corporations possess tbe incidental or implied right to alienate or dispose of tbe property, real or-personal, of tbe corporation of a private nature, unless restrained by charter or statute; they cannot, of course, dispose of property of a public nature, in violation of the trusts-, upon which it is held.</p> <p>P. 295-</p> <p>2. Property which has ceased to be used, or is not used, by the public, may be sold or leased as the public welfare may demand.</p> <p>P. 295-</p> <p>3; Municipal property is not impressed with a public-trust until it has been given over, appropriated or devoted’ to a public use.</p> <p>P. 295-</p> <p>4. A deed of conveyance of land, absolute and unconditional on its face, but intended and understood by the parties to be merely a security for the payment of a debt or the performance of some other condition, will be regarded and treated in equity as a mortgagé, giving to the parties the relative rights and remedies of mortgagor and mortgagee and nothing more.</p> <p>P. 298</p> <p>5. Where land is conveyed by warranty deed, and as a part of the same transaction the grantee leases the premises to the grantor, with the privilege of redeeming or of purchasing the same during the term for an amount equal to a sum loaned by the grantee to the grantor, the transaction is regarded as a mortgage especially when it appears that the rent was to be applied in reduction of the debt or to keep down interest.</p> <p>P. 298</p> <p>6. The borrowing of money on the security of property • already belonging to the municipality, without giving the lender any recourse against the body corporate or its property other than the particular property pledged to secure the money advanced, if the constitutional limitation of municipal indebtedness be thereby exceeded, is the creation of indebtedness within the' prohibition of the Constitution.</p> <p>•P. 300</p>