Chapter 55, Chapter 55

The effective date of the provisions of this act is July 1, 2001. History: Laws 2001, ch. 139, § 155.

(a) Except as otherwise provided in Sections 146 through 155 [55-9-701 to 55-9-710 NMSA 1978] of this act, its provisions apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise prov…

perfected before effective date. (a) A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the appl…

unperfected before effective date. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest until midnight June 30, 200…

taken before effective date. (a) If action, other than the filing of a financing statement, is taken before July 1, 2001, and if the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest be…

statement suffices to continue effectiveness of financing statement. (a) The filing of an initial financing statement in the office specified in Section 55-9- 501 NMSA 1978 continues the effectiveness of a financing statement filed before July 1, 2001 if: (1) the filing of an ini…

effective-date financing statement. (a) In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2001. (b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherw…

initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under Sections 145 through 152 of this act if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under Sections…

(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, Chapter 55, Article 9 NMSA 1978 as it existed before that date determines priority. (b) For purposes of Subsection (a)…

The effective date of the provisions of this 2013 act is July 1, 2013. History: 1978 Comp., § 55-9-801, enacted by Laws 2013, ch. 137, § 20.

(a) Except as otherwise provided in this part, this 2013 act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this 2013 act takes effect. (b) This 2013 act does not affect an action, case or proceeding commenced…

(a) A security interest that is a perfected security interest immediately before this 2013 act takes effect is a perfected security interest under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, if, when this 2013 act takes effect, the applicable requirements for at…

A security interest that is an unperfected security interest immediately before this 2013 act takes effect becomes a perfected security interest: (a) without further action, when this 2013 act takes effect, if the applicable requirements for perfection under Chapter 55, Article 9…

(a) The filing of a financing statement before this 2013 act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act. (b) This 201…

effectiveness of financing statement. (a) The filing of an initial financing statement in the office specified in Section 55-9- 501 NMSA 1978 continues the effectiveness of a financing statement filed before this 2013 act takes effect if: (1) the filing of an initial financing st…

(a) As used in this section, "pre-effective-date financing statement" means a financing statement filed before this 2013 act takes effect. (b) After this 2013 act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherw…

continuation statement. A person may file an initial financing statement or a continuation statement under this part if: (a) the secured party of record authorizes the filing; and (b) the filing is necessary under this part: (1) to continue the effectiveness of a financing statem…

This 2013 act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims are established before this 2013 act takes effect, Chapter 55, Article 9 NMSA 1978, as it existed before amendment, determines priority. History: 1978 Comp…

This act shall become effective at 12:01 a.m. on January 1, 1986. As used in this article, unless the context requires otherwise: (a) "old U.C.C." means the Uniform Commercial Code, as effective in New Mexico, immediately prior to the effective day of this act. (b) "new U.C.C." m…

The provisions of Laws 1961, Chapter 96, Section 10-102, Subsection (2), shall continue to apply to the new U.C.C. and for this purpose the old U.C.C. and the new U.C.C. shall be considered one continuous statute. History: 1978 Comp., § 55-12-102, enacted by Laws 1985, ch. 193, §…

Transactions validly entered into after January 1, 1962, and before January 1, 1986, and which were subject to the provisions of the old U.C.C. and which would be subject to this act as amended if they had been entered into after the effective date of the new U.C.C. and the right…

filing. A security interest for the perfection of which filing or the taking of possession was required under the old U.C.C. and which attached prior to the effective date of the new U.C.C. but was not perfected shall be deemed perfected on the effective date of the new U.C.C. if…

(1) A financing statement or continuation statement filed prior to January 1, 1986 which shall not have lapsed prior to January 1, 1986 shall remain effective for the period provided in the old U.C.C., but not less than five years after the filing. (2) An effective financing stat…

(1) If a security interest is perfected or has priority when this act takes effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest agai…

Except as otherwise provided in Article 12[11A] [55-11A-101 to 55-11A-111 NMSA 1978], the old U.C.C. shall apply to any questions of priority if the positions of the parties were fixed prior to January 1, 1986. In other cases questions of priority shall be determined by the new U…

Unless a change in law has clearly been made, the provisions of the new U.C.C. shall be deemed declaratory of the meaning of the old U.C.C. History: 1978 Comp., § 55-12-108, enacted by Laws 1985, ch. 193, § 46; recompiled as § 55-11A-108 by Laws 2023, ch. 142, § 95.

(a) Chapter 55, Article 8 NMSA 1978 does not affect an action or proceeding commenced before that article takes effect. (b) If a security interest in a security is perfected at the date Chapter 55, Article 8 NMSA 1978 takes effect and the action by which the security interest was…

This act applies to a document of title that is issued or a bailment that arises on or after the effective date of this act. This act does not apply to a document of title that is issued or a bailment that arises before the effective date of this act even if the document of title…

A. A document of title issued or a bailment that arises before the effective date of this act and the rights, obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had n…

Chapter 55, Article 12 NMSA 1978 may be cited as "Uniform Commercial Code - Controllable Electronic Records". History: 1978 Comp., § 55-12-101, enacted by Laws 2023, ch. 142, § 96.

(a) As used in Chapter 55, Article 12 NMSA 1978: (1) "controllable electronic record" means a record stored in an electronic medium that can be subjected to control pursuant to Section 55-12-105 NMSA 1978. The term does not include a controllable account, a controllable payment i…

and consumer laws. (a) If there is conflict between Sections 55-12-101 through 55-12-106 NMSA 1978 and Article 9 of the Uniform Commercial Code, Article 9 governs. (b) A transaction subject to Sections 55-12-101 through 55-12-106 NMSA 1978 is subject to any applicable rule of law…

record and controllable payment intangible. (a) Sections 55-12-101 through 55-12-106 NMSA 1978 apply to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits pursuant to Subsections (c), (d), (e), (g…

(a) A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record or a system in which the electronic record is recorded: (1) gives the person: (A) power to avail itself of substantially …

controllable payment intangible. (a) An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: (1) the person having control of the controllable electronic record that evidences the controllable account or controllable …

(a) Except as provided in Subsection (b) of this section, the local law of a controllable electronic record's jurisdiction governs a matter covered by Sections 55-12- 101 through 55-12-106 NMSA 1978. (b) For a controllable electronic record that evidences a controllable account o…

Chapter 55, Article 12A NMSA 1978 may be cited as "Transitional Provisions for Uniform Commercial Code Amendments (2022)". History: 1978 Comp., § 55-12A-101, enacted by Laws 2023, ch. 142, § 103.

(a) As used in Chapter 55, Article 12A NMSA 1978: (1) "adjustment date" means July 1, 2025; (2) "Article 12" means Article 12 of the Uniform Commercial Code; and (3) "Article 12 property" means a controllable account, controllable electronic record or controllable payment intangi…

Except as provided in Sections 55-12A-301 through 55-12A-306 NMSA 1978, a transaction validly entered into before January 1, 2024 and the rights, duties and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated or enforced as…

(a) Except as provided in Sections 55-12A-301 through 55-12A-306 NMSA 1978, Article 9 of the Uniform Commercial Code as amended by this 2023 act and Article 12 of the Uniform Commercial Code apply to a transaction, lien or other interest in property, even if the transaction, lien…

(a) A security interest that is enforceable and perfected immediately before January 1, 2024 is a perfected security interest pursuant to this 2023 act if, on January 1, 2024, the requirements for enforceability and perfection pursuant to this 2023 act are satisfied without furth…

A security interest that is enforceable immediately before January 1, 2024 but is unperfected at that time: (1) remains an enforceable security interest until the adjustment date; (2) remains enforceable thereafter if the security interest becomes enforceable pursuant to Section …

(a) If action, other than the filing of a financing statement, is taken before January 1, 2024 and the action would have resulted in perfection of the security interest had the security interest become enforceable before January 1, 2024, the action is effective to perfect a secur…

(a) Subject to Subsections (b) and (c) of this section, this 2023 act determines the priority of conflicting claims to collateral. (b) Subject to Subsection (c) of this section, if the priorities of claims to collateral were established before January 1, 2024, Article 9 of the Un…

Uniform Commercial Code do not apply. (a) Subject to Subsections (b) and (c) of this section, Article 12 of the Uniform Commercial Code determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9 of the Uniform Commercial Code as amen…