N.M. Stat. § 37-1-27
Construction projects; limitation on actions for defective or
unsafe conditions.
No action to recover damages for any injury to property, real or personal, or for injury
to the person, or for bodily injury or wrongful death, arising out of the defective or unsafe
condition of a physical improvement to real property, nor any action for contribution or
indemnity for damages so sustained, against any person performing or furnishing the
construction or the design, planning, supervision, inspection or administration of
construction of such improvement to real property, and on account of such activity, shall
be brought after ten years from the date of substantial completion of such improvement;
provided this limitation shall not apply to any action based on a contract, warranty or
guarantee which contains express terms inconsistent herewith. The date of substantial
completion shall mean the date when construction is sufficiently completed so that the
owner can occupy or use the improvement for the purpose for which it was intended, or
the date on which the owner does so occupy or use the improvement, or the date
established by the contractor as the date of substantial completion, whichever date
occurs last.