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645 sections in this chapter.
NMSA 1978, § 55-9-308 When security interest or agricultural lien is perfected;
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continuity of perfection. (a) Except as otherwise provided in this section and Section 55-9-309 NMSA 1978, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 55-9-310 through 55-9-316 NMSA 1978 have been satisfied…
NMSA 1978, § 55-9-309 Security interest perfected upon attachment
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The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Subsection (b) of Section 55-9-311 NMSA 1978 with respect to consumer goods that are subject to a statute or treaty described…
NMSA 1978, § 55-9-310 When filing required to perfect security interest or
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agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) Except as otherwise provided in Subsection (b) of this section and in Section 55- 9-312 NMSA 1978, a financing statement must be filed to perfect all security interests and a…
NMSA 1978, § 55-9-311 Perfection of security interests in property subject to
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certain statutes, regulations and treaties. (a) Except as otherwise provided in Subsection (d) of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (1) a statute, regulation or treaty of the Unit…
NMSA 1978, § 55-9-312 Perfection of security interests in chattel paper,
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controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without fi…
NMSA 1978, § 55-9-313 When possession by or delivery to secured party perfects
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security interest without filing. (a) Except as otherwise provided in Subsection (b) of this section, a secured party may perfect a security interest in goods, instruments, negotiable tangible documents or tangible money by taking possession of the collateral. A secured party may…
NMSA 1978, § 55-9-314 Perfection by control
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(a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property or letter-of-credit rights may be perfected by control of the collateral under Sectio…
NMSA 1978, § 55-9-314A Perfection by possession and control of chattel paper
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(a) A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel pap…
NMSA 1978, § 55-9-315 Secured party's rights on disposition of collateral and in
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proceeds. (a) Except as otherwise provided in Chapter 55, Article 9 NMSA 1978, the Farm Products Secured Interest Act [56-13-1 to 56-13-14 NMSA 1978] and in Subsection (2) of Section 55-2-403 NMSA 1978: (1) a security interest or agricultural lien continues in collateral notwiths…
NMSA 1978, § 55-9-316 Effect of change in governing law
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(a) A security interest perfected pursuant to the law of the jurisdiction designated in Subsection (1) of Section 55-9-301, Subsection (c) of Section 55-9-305, Subsection (d) of Section 55-9-306A or Subsection (b) of Section 55-9-306B NMSA 1978 remains perfected until the earlies…
NMSA 1978, § 55-9-317 Interests that take priority over or take free of security
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interest or agricultural lien. (a) A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under Section 55-9-322 NMSA 1978; and (2) except as otherwise provided in Subsection (e) of this section, a person that becomes a lien cr…
NMSA 1978, § 55-9-318 No interest retained in right to payment that is sold; rights
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and title of seller of account or chattel paper with respect to creditors and purchasers. (a) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. (b) For purposes of determin…
NMSA 1978, § 55-9-319 Rights and title of consignee with respect to creditors and
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purchasers. (a) Except as otherwise provided in Subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rig…
NMSA 1978, § 55-9-320 Buyer of goods
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(a) Except as otherwise provided in Subsection (e) of this section or in the Farm Products Secured Interest Act [56-13-1 to 56-13-14 NMSA 1978], a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes fre…
NMSA 1978, § 55-9-321 Licensee of general intangible and lessee of goods in
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ordinary course of business. (a) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the…
NMSA 1978, § 55-9-322 Priorities among conflicting security interests in and
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agricultural liens on same collateral. (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: (1) Conflicting perfected security interests and ag…
NMSA 1978, § 55-9-323 Future advances
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(a) Except as otherwise provided in Subsection (c) of this section, for purposes of determining the priority of a perfected security interest under Paragraph (1) of Subsection (a) of Section 55-9-322 NMSA 1978, perfection of the security interest dates from the time an advance is…
NMSA 1978, § 55-9-324 Priority of purchase-money security interests
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(a) Except as otherwise provided in Subsection (g) of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in Section 55-9-327 N…
NMSA 1978, § 55-9-325 Priority of security interests in transferred collateral
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(a) Except as otherwise provided in Subsection (b) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created b…
NMSA 1978, § 55-9-326 Priority of security interests created by new debtor
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(a) Subject to Subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but fo…
NMSA 1978, § 55-9-326A Priority of security interest in controllable account,
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controllable electronic record and controllable payment intangible. A security interest in a controllable account, controllable electronic record or controllable payment intangible held by a secured party having control of the account, electronic record or payment intangible has …
NMSA 1978, § 55-9-327 Priority of security interests in deposit account
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The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under Section 55-9-104 NMSA 1978 has priority over a conflicting security interest held by a…
NMSA 1978, § 55-9-328 Priority of security interests in investment property
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The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under Section 55-9-106 NMSA 1978 has priority over a security interest held by a secured…
NMSA 1978, § 55-9-329 Priority of security interests in letter-of-credit right
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The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control of the letter-of-credit right under Section 55-9-107 NMSA 1978 has priority to the extent of its control ove…
NMSA 1978, § 55-9-330 Priority of purchaser of chattel paper or instrument
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(a) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if: (1) in good faith and in the ordinary course of the purchaser's business, the purchaser gives new value,…
NMSA 1978, § 55-9-331 Priority of rights of purchasers of controllable accounts,
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controllable electronic records, controllable payment intangibles, documents, instruments and securities under other articles; priority of interests in financial assets and security entitlements and protection against assertion of claim under Chapter 55, Articles 8 and 9 NMSA 197…
NMSA 1978, § 55-9-332 Transfer of money; transfer of funds from deposit
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account. (a) A transferee of tangible money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party. (b) A transferee of funds from a deposit account ta…
NMSA 1978, § 55-9-333 Priority of certain liens arising by operation of law
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(a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's …
NMSA 1978, § 55-9-334 Priority of security interests in fixtures
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(a) A security interest under Chapter 55, Article 9 NMSA 1978 may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building materials incorporated into an improvement on land. (b…
NMSA 1978, § 55-9-335 Accessions
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(a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Except as otherwise provi…
NMSA 1978, § 55-9-336 Commingled goods
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(a) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a prod…
NMSA 1978, § 55-9-337 Priority of security interests in goods covered by
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certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be s…
NMSA 1978, § 55-9-338 Priority of security interest or agricultural lien perfected
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by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Paragraph (5) of Subsection (b) of Section 55-9-516 NMSA 1978 that is incorrect at the …
NMSA 1978, § 55-9-339 Priority subject to subordination
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Chapter 55, Article 9 NMSA 1978 does not preclude subordination by agreement by a person entitled to priority. History: 1978 Comp., § 55-9-339, enacted by Laws 2001, ch. 139, § 59.
NMSA 1978, § 55-9-340 Effectiveness of right of recoupment or set-off against
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deposit account. (a) Except as otherwise provided in Subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Except as othe…
NMSA 1978, § 55-9-341 Bank's rights and duties with respect to deposit account
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Except as otherwise provided in Subsection (c) of Section 55-9-340 NMSA 1978, and unless the bank otherwise agrees in a signed record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: (1) the creat…
NMSA 1978, § 55-9-342 Bank's right to refuse to enter into or disclose existence
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of control agreement. Chapter 55, Article 9 NMSA 1978 does not require a bank to enter into an agreement of the kind described in Paragraph (2) of Subsection (a) of Section 55-9-104 NMSA 1978, even if its customer so requests or directs. A bank that has entered into such an agree…
NMSA 1978, § 55-9-401 Alienability of debtor's rights
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(a) Except as otherwise provided in Subsection (b) of this section and Sections 55-9- 406 through 55-9-409 NMSA 1978, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than Chapter 55, Article 9 NMSA 1978. (b) An agre…
NMSA 1978, § 55-9-402 Secured party not obligated on contract of debtor or in
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tort. The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions. History: 1978 Comp., § 55-9-402, enact…
NMSA 1978, § 55-9-403 Agreement not to assert defenses against assignee
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(a) In this section, "value" has the meaning provided in Subsection (a) of Section 55- 3-303 NMSA 1978. (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account…
NMSA 1978, § 55-9-404 Rights acquired by assignee; claims and defenses
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against assignee. (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to Subsections (b) through (e) of this section, the rights of an assignee are subject to: (1) all terms of the agreement between the account debtor and a…
NMSA 1978, § 55-9-405 Modification of assigned contract
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(a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a brea…
NMSA 1978, § 55-9-406 Discharge of account debtor; notification of assignment;
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identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. (a) Subject to Subsections (b) through (i) and (l) of this section, an account debtor on an account, chattel paper or a payment int…
NMSA 1978, § 55-9-407 Restrictions on creation or enforcement of security
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interest in leasehold interest or in lessor's residual interest. (a) Except as otherwise provided in Subsection (b) of this section, a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts or requires the consent of a party to the lease to the a…
NMSA 1978, § 55-9-408 Restrictions on assignment of promissory notes, health
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care-insurance receivables and certain general intangibles ineffective. (a) Except as otherwise provided in Subsections (b) and (e) of this section, a term in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance recei…
NMSA 1978, § 55-9-409 Restrictions on assignment of letter-of-credit rights
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ineffective. (a) A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary's assignment of or creation o…
NMSA 1978, § 55-9-501 Filing office
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(a) Except as otherwise provided in Subsection (b) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (1) the o…
NMSA 1978, § 55-9-502 Contents of financing statement; record of mortgage as
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financing statement; time of filing financing statement. (a) Subject to Subsection (b) of this section, a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of the secured party or a representative of the secured party; and (3…
NMSA 1978, § 55-9-503 Name of debtor and secured party
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(a) A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in Paragraph (3) of this section, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing stat…
NMSA 1978, § 55-9-504 Indication of collateral
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A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section 55-9-108 NMSA 1978; or (2) an indication that the financing statement covers all assets or all personal property…
