2006 New Mexico Statutes - 55-9-326 — Priority of security interests created by new debtor.

55-9-326. Priority of security interests created by new debtor.

(a)     Subject to Subsection (b) of this section, a security interest created by a new debtor which is perfected by a filed financing statement that is effective solely under Section 55-9-508 NMSA 1978 in collateral in which a new debtor has or acquires rights is subordinate to a security interest in the same collateral which is perfected other than by a filed financing statement that is effective solely under Section 55-9-508 NMSA 1978.   

(b)     The other provisions of Sections 55-9-301 through 55-9-342 NMSA 1978 determine the priority among conflicting security interests in the same collateral perfected by filed financing statements that are effective solely under Section 55-9-508 NMSA 1978. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor having become bound.