2006 New Mexico Statutes - Article 9 — Secured Transactions, 55-9-101 through 55-9-710.

Part 1. GENERAL PROVISIONS

• 55-9-101 — Short title.
• 55-9-102 — Definitions and index of definitions.
• 55-9-103 — Purchase-money security interest; application of payments; burden of establishing.
• 55-9-104 — Control of deposit account.
• 55-9-105 — Control of electronic chattel paper.
• 55-9-106 — Control of investment property.
• 55-9-107 — Control of letter-of-credit right.
• 55-9-108 — Sufficiency of description.
• 55-9-109 — Scope.
• 55-9-110 — Security interests arising under Chapter 55, Article 2 or 2A NMSA 1978.
• 55-9-111 — Repealed.
• 55-9-112 — Superseded.
• 55-9-113 — Superseded.
• 55-9-114 — Superseded.
• 55-9-115 — Superseded.
• 55-9-116 — Superseded.

Part 2. EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT

• 55-9-201 — General effectiveness of security agreement.
• 55-9-202 — Title to collateral immaterial.
• 55-9-203 — Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
• 55-9-204 — After-acquired property; future advances.
• 55-9-205 — Use or disposition of collateral permissible.
• 55-9-206 — Security interest arising in purchase or delivery of financial asset.
• 55-9-207 — Rights and duties of secured party having possession or control of collateral.
• 55-9-208 — Additional duties of secured party having control of collateral.
• 55-9-209 — Duties of secured party if account debtor has been notified of assignment.
• 55-9-210 — Request for accounting; request regarding list of collateral or statement of account.

Part 3. PERFECTION AND PRIORITY

• 55-9-301 — Law governing perfection and priority of security interests.
• 55-9-302 — Law governing perfection and priority of agricultural liens.
• 55-9-303 — Law governing perfection and priority of security interests in goods covered by a certificate of title.
• 55-9-304 — Law governing perfection and priority of security interests in deposit accounts.
• 55-9-305 — Law governing perfection and priority of security interests in investment property.
• 55-9-306 — Law governing perfection and priority of security interests in letter-of-credit rights.
• 55-9-307 — Location of debtor.
• 55-9-308 — When security interest or agricultural lien is perfected; continuity of perfection.
• 55-9-309 — Security interest perfected upon attachment.
• 55-9-310 — When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
• 55-9-311 — Perfection of security interests in property subject to certain statutes, regulations and treaties.
• 55-9-312 — Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession.
• 55-9-313 — When possession by or delivery to secured party perfects security interest without filing.
• 55-9-314 — Perfection by control.
• 55-9-315 — Secured party's rights on disposition of collateral and in proceeds.
• 55-9-316 — Continued perfection of security interest following change in governing law.
• 55-9-317 — Interests that take priority over or take free of security interest or agricultural lien.
• 55-9-318 — No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
• 55-9-319 — Rights and title of consignee with respect to creditors and purchasers.
• 55-9-320 — Buyer of goods.
• 55-9-321 — Licensee of general intangible and lessee of goods in ordinary course of business.
• 55-9-322 — Priorities among conflicting security interests in and agricultural liens on same collateral.
• 55-9-323 — Future advances.
• 55-9-324 — Priority of purchase-money security interests.
• 55-9-325 — Priority of security interests in transferred collateral.
• 55-9-326 — Priority of security interests created by new debtor.
• 55-9-327 — Priority of security interests in deposit account.
• 55-9-328 — Priority of security interests in investment property.
• 55-9-329 — Priority of security interests in letter-of-credit right.
• 55-9-330 — Priority of purchaser of chattel paper or instrument.
• 55-9-331 — Priority of rights of purchasers of instruments, documents and securities under other articles; priority of interests in financial assets and security entitlements under Chapter 55, Article 8 NMSA 1978.
• 55-9-332 — Transfer of money; transfer of funds from deposit account.
• 55-9-333 — Priority of certain liens arising by operation of law.
• 55-9-334 — Priority of security interests in fixtures.
• 55-9-335 — Accessions.
• 55-9-336 — Commingled goods.
• 55-9-337 — Priority of security interests in goods covered by certificate of title.
• 55-9-338 — Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
• 55-9-339 — Priority subject to subordination.
• 55-9-340 — Effectiveness of right of recoupment or set-off against deposit account.
• 55-9-341 — Bank's rights and duties with respect to deposit account.
• 55-9-342 — Bank's right to refuse to enter into or disclose existence of control agreement.

Part 4. RIGHTS OF THIRD PARTIES

• 55-9-401 — Alienability of debtor's rights.
• 55-9-402 — Secured party not obligated on contract of debtor or in tort.
• 55-9-403 — Agreement not to assert defenses against assignee.
• 55-9-404 — Rights acquired by assignee; claims and defenses against assignee.
• 55-9-405 — Modification of assigned contract.
• 55-9-406 — Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective.
• 55-9-407 — Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
• 55-9-408 — Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective.
• 55-9-409 — Restrictions on assignment of letter-of-credit rights ineffective.

Part 5. FILING

• 55-9-501 — Filing office.
• 55-9-502 — Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
• 55-9-503 — Name of debtor and secured party.
• 55-9-504 — Indication of collateral.
• 55-9-505 — Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions.
• 55-9-506 — Effect of errors or omissions.
• 55-9-507 — Effect of certain events on effectiveness of financing statement.
• 55-9-508 — Effectiveness of financing statement if new debtor becomes bound by security agreement.
• 55-9-509 — Persons entitled to file a record.
• 55-9-510 — Effectiveness of filed record.
• 55-9-511 — Secured party of record.
• 55-9-512 — Amendment of financing statement.
• 55-9-513 — Termination statement.
• 55-9-514 — Assignment of powers of secured party of record.
• 55-9-515 — Duration and effectiveness of financing statement; effect of lapsed financing statement.
• 55-9-516 — What constitutes filing; effectiveness of filing.
• 55-9-517 — Effect of indexing errors.
• 55-9-518 — Claim concerning inaccurate or wrongfully filed record.
• 55-9-519 — Numbering, maintaining and indexing records; communicating information provided in records.
• 55-9-520 — Acceptance and refusal to accept record.
• 55-9-521 — Form of financing statement and amendment; records.
• 55-9-522 — Maintenance and destruction of records.
• 55-9-523 — Information from secretary of state.
• 55-9-524 — Delay by secretary of state.
• 55-9-525 — Fees.
• 55-9-526 — Filing-office rules.

Part 6. DEFAULT

• 55-9-601 — Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.
• 55-9-602 — Waiver and variance of rights and duties.
• 55-9-603 — Agreement on standards concerning rights and duties.
• 55-9-604 — Procedure if security agreement covers real property or fixtures.
• 55-9-605 — Unknown debtor or secondary obligor.
• 55-9-606 — Time of default for agricultural lien.
• 55-9-607 — Collection and enforcement by secured party.
• 55-9-608 — Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
• 55-9-609 — Secured party's right to take possession after default.
• 55-9-610 — Disposition of collateral after default.
• 55-9-611 — Notification before disposition of collateral.
• 55-9-612 — Timeliness of notification before disposition of collateral.
• 55-9-613 — Contents and form of notification before disposition of collateral; general.
• 55-9-614 — Contents and form of notification before disposition of collateral; consumer-goods transaction.
• 55-9-615 — Application of proceeds of disposition; liability for deficiency and right to surplus.
• 55-9-616 — Explanation of calculation of surplus or deficiency.
• 55-9-617 — Rights of transferee of collateral.
• 55-9-618 — Rights and duties of certain secondary obligors.
• 55-9-619 — Transfer of record or legal title.
• 55-9-620 — Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
• 55-9-621 — Notification of proposal to accept collateral.
• 55-9-622 — Effect of acceptance of collateral.
• 55-9-623 — Right to redeem collateral.
• 55-9-624 — Waiver.
• 55-9-625 — Remedies for secured party's failure to comply with article.
• 55-9-626 — Action in which deficiency or surplus is in issue.
• 55-9-627 — Determination of whether conduct was commercially reasonable.
• 55-9-628 — Nonliability and limitation on liability of secured party; liability of secondary obligor.

Part 7. TRANSITION

• 55-9-701 — Effective date.
• 55-9-702 — Saving clause.
• 55-9-703 — Temporary transition provision; security interest perfected before effective date.
• 55-9-704 — Temporary transition provision; security interest unperfected before effective date.
• 55-9-705 — Temporary transition provision; effectiveness of action taken before effective date.
• 55-9-706 — Temporary transition provision; when initial financing statement suffices to continue effectiveness of financing statement.
• 55-9-707 — Temporary transition provision; amendment of pre-effective-date financing statement.
• 55-9-708 — Temporary transition provision; persons entitled to file initial financing statement or continuation statement.
• 55-9-709 — Temporary transition provision; priority.
• 55-9-710 — Temporary transition provision; certain records of county clerks.