Chapter 55 — Chapter 55
675 sections in this chapter.
NMSA 1978, § 55-9-111 Repealed
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ANNOTATIONS Repeals. — Laws 1992, ch. 114, § 237C repeals 55-9-111 NMSA 1978, as enacted by Laws 1961, ch. 96, § 9-111, relating to consignment, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NMSA 1978, § 55-9-112 Superseded
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ANNOTATIONS Compiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-102 (55-9-102 NMSA 1978) states that the definitio…
NMSA 1978, § 55-9-113 Superseded
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ANNOTATIONS Compiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-110 (55-9-110 NMSA 1978) states that the source of…
NMSA 1978, § 55-9-114 Superseded
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ANNOTATIONS Compiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-110 (55-9-110 NMSA 1978) states that the source of…
NMSA 1978, § 55-9-115 Superseded
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ANNOTATIONS Compiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. Subsection (1) of this section has been superseded by Section 9-102 (55- 9-102 NMSA 1…
NMSA 1978, § 55-9-116 Superseded
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ANNOTATIONS Compiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. This section has been superseded by Section 9-206 (55-9-206 NMSA 1978) and 9-309 (55-…
NMSA 1978, § 55-9-201 General effectiveness of security agreement
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(a) Except as otherwise provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors. (b) A transaction subject to Chapter 55, Article 9 NM…
NMSA 1978, § 55-9-202 Title to collateral immaterial
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Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of Chapter 55, Article 9 NMSA 1978 with regard to rights and obligations apply whether title to collateral is in the secured part…
NMSA 1978, § 55-9-203 Attachment and enforceability of security interest;
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proceeds; supporting obligations; formal requisites. (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (b) Except as otherwise provided in S…
NMSA 1978, § 55-9-204 After-acquired property; future advances
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(a) Except as otherwise provided in Subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral. (b) Subject to Subsection (b.1) of this section, security interest does not attach under a term constituting an aft…
NMSA 1978, § 55-9-205 Use or disposition of collateral permissible
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(a) A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle or dispose of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise, enforce or otherwis…
NMSA 1978, § 55-9-206 Security interest arising in purchase or delivery of
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financial asset. (a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to …
NMSA 1978, § 55-9-207 Rights and duties of secured party having possession or
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control of collateral. (a) Except as otherwise provided in Subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care inc…
NMSA 1978, § 55-9-208 Additional duties of secured party having control of
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collateral. (a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations or otherwise give value. (b) Within ten days after receiving a signed demand by the debtor: (1) a secured p…
NMSA 1978, § 55-9-209 Duties of secured party if account debtor has been
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notified of assignment. (a) Except as otherwise provided in Subsection (c) of this section, this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations or otherwise give value. (b) Within …
NMSA 1978, § 55-9-210 Request for accounting; request regarding list of
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collateral or statement of account. (a) In this section: (1) "request" means a record of a type described in Paragraph (2), (3) or (4) of this subsection; (2) "request for an accounting" means a record signed by a debtor requesting that the recipient provide an accounting of the …
NMSA 1978, § 55-9-301 Law governing perfection and priority of security
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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 …
NMSA 1978, § 55-9-302 Law governing perfection and priority of agricultural
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liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. History: 1978 Comp., § 55-9-302, enacted by Laws 2001, ch. 139…
NMSA 1978, § 55-9-303 Law governing perfection and priority of security
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interests in goods covered by a certificate of title. (a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (b) Goods…
NMSA 1978, § 55-9-304 Law governing perfection and priority of security
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interests in deposit accounts. (a) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the…
NMSA 1978, § 55-9-305 Law governing perfection and priority of security
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interests in investment property. (a) Except as otherwise provided in Subsection (c) of this section, the following rules apply: (1) while a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonpe…
NMSA 1978, § 55-9-306 Law governing perfection and priority of security
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interests in letter-of-credit rights. (a) Subject to Subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-o…
NMSA 1978, § 55-9-306A Law governing perfection and priority of security
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interests in chattel paper. (a) Except as provided in Subsection (d) of this section, if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law …
NMSA 1978, § 55-9-306B Law governing perfection and priority of security
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interests in controllable accounts, controllable electronic records and controllable payment intangibles. (a) Except as provided in Subsection (b) of this section, the local law of the controllable electronic record's jurisdiction specified in Subsections (c) and (d) of Section 5…
NMSA 1978, § 55-9-307 Location of debtor
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(a) In this section, "place of business" means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the following rules determine a debtor's location: (1) a debtor who is an individual is located at the individual's principal residence; (…
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,…