N.M. Stat. § 58-1-16
Special remedies for nonpayment of rent.
A. If the rental due on a safe deposit box has not been paid for six months, the
lessor may send a notice by certified or registered mail to the last known address of the
lessee stating that the safe deposit box will be opened and its contents stored at the
expense of the lessee unless payment of the rental is made within thirty days. If the
rental is not paid within thirty days from the mailing of the notice, the box may be
opened in the presence of an officer of the lessor and of a notary public who is not a
director, officer, employee or stockholder of the lessor. The contents shall be sealed in a
package by the notary public who shall write on the outside the name of the lessee and
the date of the opening. The notary public shall execute a certificate reciting the name
of the lessee, the date of the opening of the box and a list of its contents. The certificate
shall be included in the package and a copy of the certificate shall be sent by registered
mail to the last known address of the lessee. The package shall then be placed in the
general vaults of the lessor at a rental not exceeding the rental previously charged for
the box.
B. If the contents of the box are not claimed within the time prescribed by the
Uniform Disposition of Unclaimed Property Act, they shall be disposed of as provided
therein. Upon a sale of such contents by the state treasurer, the lessor shall be
reimbursed for the accrued rental and storage charges from the proceeds of the sale.