Law governing perfection and priority of security

interests. Except as otherwise provided in Sections 55-9-303 through 55-9-306B NMSA 1978, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral: (1) except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral; (2) while collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral; (3) except as otherwise provided in Subsection (4) of this section, while tangible negotiable tangible documents, goods, instruments or tangible money is located in a jurisdiction, the local law of that jurisdiction governs: (A) perfection of a security interest in the goods by filing a fixture filing; (B) perfection of a security interest in timber to be cut; and (C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral; and (4) the local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection and the priority of a security interest in as-extracted collateral. History: 1978 Comp., § 55-9-301, enacted by Laws 2001, ch. 139, § 21; 2005, ch. 144, § 98; 2023, ch. 142, § 56.