2011 New Mexico Statutes
Chapter 42: Actions and Proceedings Relating to Property
Article 10: Exemptions, 42-10-1 through 42-10-13
Section 42-10-6: Personal property used as a security under the Uniform Commercial Code is not exempt.
42-10-6. Personal property used as a security under the Uniform Commercial Code is not exempt.
A secured creditor who has personal property of the debtor as security as provided by the Uniform Commercial Code [Chapter 55 NMSA 1978] may proceed according to the terms of the security instrument and the Uniform Commercial Code. The debtor cannot exempt personal property given to a secured creditor as security unless there be more property than is necessary to pay the debt to the secured creditor. The debtor may claim an exemption out of the surplus.
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