New Mexico Lawsuit Loans
Uplift Legal Funding provides non-recourse lawsuit loans in New Mexico. With a population of 2,085,109, New Mexico is the 5th largest state in the United States, and ranks 3rd for per capita fatal injuries (D.C. included).
Because funding regulation is complex, Uplift developed a funding-ease scale. This scale helps plaintiffs understand what part their state plays in lawsuit loan decisions. On a scale of 0 to 10, New Mexico scores a 7.5. This means that we consider it relatively tough for plaintiffs to get lawsuit loans in New Mexico. Read more information below about the legal funding environment in New Mexico.
New Mexico Personal Injury Statistics
New Mexico has a yearly injury death rate of 94.7 per 100,000. This places New Mexico substantially higher than the national average of 60.1, by about 57.7%.
New Mexico residents drive an estimated total of 27 billion miles yearly, which means that the average resident drives about of 13,158 miles per year. To compare, that’s 36.6% higher than the national average of 9,630 miles per year.Aside from miles driven, local seatbelt use and drunk driving habits play a large part in the car accident death rate.
In New Mexico, residents are pretty good when it comes to buckling up, reporting a usage rate of 91.0%.The drinking rate in New Mexico, measured as the percent of people who reported drinking too much before driving in the prior month, is 35.1% lower than the national average of 1.8% at 1.2%.
Partly because of these factors, New Mexico’s car accident fatality rate is 14.3. This compares unfavorably to the US national average of 10.9, and costs the state $433 million yearly.
New Mexico Lawsuit Funding Cheat Sheet
According to Ch. 37, Art. 1, Sec. 37-1-8; the statute of limitations for personal injury cases in New Mexico is 3 years. This means that you may lose the right to sue if you do not file your legal claim within that time-frame. Different states follow slightly differing comparative negligence statutes. In New Mexico, the guideline is pure comparative fault. Basically, this means that plaintiff negligence will reduce but not exclude recovery – Scott v. Rizzo, 634 P.2d 1234 (N.M. 1981). Often, for legal funding requests early-on in a case, companies providing lawsuit loans in New Mexico must assume state minimum policy limits of:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $50,000 liability for death per person
- $100,000 liability for death per accident
- $10,000 property damage liability per accident
- $50,000 personal injury protection
Regulation of Lawsuit Loans in New Mexico
New Mexico has no laws against champerty on the books. Most funding companies service New Mexico and lawsuit loans are readily available. Nevertheless, reputable companies should follow best-practice disclosure guidelines regardless of the plaintiff’s state of residence.