Chapter 55 — Chapter 55
675 sections in this chapter.
NMSA 1978, § 55-11A-107 Transition provisions as to priorities
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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…
NMSA 1978, § 55-11A-108 Presumption that rule of law continues unchanged
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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.
NMSA 1978, § 55-11A-109 Saving clause
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(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…
NMSA 1978, § 55-11A-110 Temporary provision; effectiveness
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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…
NMSA 1978, § 55-11A-111 Temporary provision; effectiveness
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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obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had n…
NMSA 1978, § 55-12-101 Short title
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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. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PE…
NMSA 1978, § 55-12-102 Definitions
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(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…
NMSA 1978, § 55-12-103 Relation to Article 9 of the Uniform Commercial Code
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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…
NMSA 1978, § 55-12-104 Rights in controllable account, controllable electronic
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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…
NMSA 1978, § 55-12-105 Control of controllable electronic record
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(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 …
NMSA 1978, § 55-12-106 Discharge of account debtor on controllable account or
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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 …
NMSA 1978, § 55-12-107 Governing law
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(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…
NMSA 1978, § 55-12-108 Recompiled
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History: 1978 Comp., § 55-12-108, enacted by Laws 1985, ch. 193, § 46; recompiled as § 55-11A-108 by Laws 2023, ch. 142, § 95.
NMSA 1978, § 55-12-109 Recompiled
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History: 1978 Comp., § 55-12-109, enacted by Laws 1996, ch. 47, § 69; recompiled as § 55-11A-109 by Laws 2023, ch. 142, § 95.
NMSA 1978, § 55-12-110 Recompiled
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History: Laws 2005, ch. 144, § 110; § 55-12-110, recompiled as § 55-11A-110 by Laws 2023, ch. 142, § 95.
NMSA 1978, § 55-12-111 Recompiled
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History: Laws 2005, ch. 144, § 111; 2015, ch. 54, § 7; § 55-12-111, recompiled as § 55-11A-111 by Laws 2023, ch. 142, § 95.
NMSA 1978, § 55-12A-101 Short title
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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.
NMSA 1978, § 55-12A-102 Definitions
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(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…
NMSA 1978, § 55-12A-201 Saving clause
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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…
NMSA 1978, § 55-12A-301 Saving clause
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(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…
NMSA 1978, § 55-12A-302 Security interest perfected before January 1, 2024
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(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…
NMSA 1978, § 55-12A-303 Security interest unperfected before January 1, 2024
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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 …
NMSA 1978, § 55-12A-304 Effectiveness of actions taken before January 1, 2024
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(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…
NMSA 1978, § 55-12A-305 Priority
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(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…
NMSA 1978, § 55-12A-306 Priority of claims when priority rules of Article 9 of the
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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…