There Is a Newer Version of the New Mexico Statutes
2009 New Mexico Statutes
Chapter 55 - Uniform Commercial Code.
Article 9 - Secured Transactions
Part 1 - GENERAL PROVISIONS
- Section 55-9-101 - Short title.
- Section 55-9-102 - Definitions and index of definitions.
- Section 55-9-103 - Purchase-money security interest; application of payments; burden of establishing.
- Section 55-9-104 - Control of deposit account.
- Section 55-9-105 - Control of electronic chattel paper.
- Section 55-9-106 - Control of investment property.
- Section 55-9-107 - Control of letter-of-credit right.
- Section 55-9-108 - Sufficiency of description.
- Section 55-9-109 - Scope.
- Section 55-9-110 - Security interests arising under Chapter 55, Article 2 or 2A NMSA 1978.
- Section 55-9-111 - Repealed.
- Section 55-9-112 - Superseded.
- Section 55-9-113 - Superseded.
- Section 55-9-114 - Superseded.
- Section 55-9-115 - Superseded.
- Section 55-9-116 - Superseded.
Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT
- Section 55-9-201 - General effectiveness of security agreement.
- Section 55-9-202 - Title to collateral immaterial.
- Section 55-9-203 - Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
- Section 55-9-204 - After-acquired property; future advances.
- Section 55-9-205 - Use or disposition of collateral permissible.
- Section 55-9-206 - Security interest arising in purchase or delivery of financial asset.
- Section 55-9-207 - Rights and duties of secured party having possession or control of collateral.
- Section 55-9-208 - Additional duties of secured party having control of collateral.
- Section 55-9-209 - Duties of secured party if account debtor has been notified of assignment.
- Section 55-9-210 - Request for accounting; request regarding list of collateral or statement of account.
Part 3 - PERFECTION AND PRIORITY
- Section 55-9-301 - Law governing perfection and priority of security interests.
- Section 55-9-302 - Law governing perfection and priority of agricultural liens.
- Section 55-9-303 - Law governing perfection and priority of security interests in goods covered by a certificate of title.
- Section 55-9-304 - Law governing perfection and priority of security interests in deposit accounts.
- Section 55-9-305 - Law governing perfection and priority of security interests in investment property.
- Section 55-9-306 - Law governing perfection and priority of security interests in letter-of-credit rights.
- Section 55-9-307 - Location of debtor.
- Section 55-9-308 - When security interest or agricultural lien is perfected; continuity of perfection.
- Section 55-9-309 - Security interest perfected upon attachment.
- Section 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.
- Section 55-9-311 - Perfection of security interests in property subject to certain statutes, regulations and treaties.
- Section 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.
- Section 55-9-313 - When possession by or delivery to secured party perfects security interest without filing.
- Section 55-9-314 - Perfection by control.
- Section 55-9-315 - Secured party's rights on disposition of collateral and in proceeds.
- Section 55-9-316 - Continued perfection of security interest following change in governing law.
- Section 55-9-317 - Interests that take priority over or take free of security interest or agricultural lien.
- Section 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.
- Section 55-9-319 - Rights and title of consignee with respect to creditors and purchasers.
- Section 55-9-320 - Buyer of goods.
- Section 55-9-321 - Licensee of general intangible and lessee of goods in ordinary course of business.
- Section 55-9-322 - Priorities among conflicting security interests in and agricultural liens on same collateral.
- Section 55-9-323 - Future advances.
- Section 55-9-324 - Priority of purchase-money security interests.
- Section 55-9-325 - Priority of security interests in transferred collateral.
- Section 55-9-326 - Priority of security interests created by new debtor.
- Section 55-9-327 - Priority of security interests in deposit account.
- Section 55-9-328 - Priority of security interests in investment property.
- Section 55-9-329 - Priority of security interests in letter-of-credit right.
- Section 55-9-330 - Priority of purchaser of chattel paper or instrument.
- Section 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.
- Section 55-9-332 - Transfer of money; transfer of funds from deposit account.
- Section 55-9-333 - Priority of certain liens arising by operation of law.
- Section 55-9-334 - Priority of security interests in fixtures.
- Section 55-9-335 - Accessions.
- Section 55-9-336 - Commingled goods.
- Section 55-9-337 - Priority of security interests in goods covered by certificate of title.
- Section 55-9-338 - Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
- Section 55-9-339 - Priority subject to subordination.
- Section 55-9-340 - Effectiveness of right of recoupment or set-off against deposit account.
- Section 55-9-341 - Bank's rights and duties with respect to deposit account.
- Section 55-9-342 - Bank's right to refuse to enter into or disclose existence of control agreement.
Part 4 - RIGHTS OF THIRD PARTIES
- Section 55-9-401 - Alienability of debtor's rights.
- Section 55-9-402 - Secured party not obligated on contract of debtor or in tort.
- Section 55-9-403 - Agreement not to assert defenses against assignee.
- Section 55-9-404 - Rights acquired by assignee; claims and defenses against assignee.
- Section 55-9-405 - Modification of assigned contract.
- Section 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.
- Section 55-9-407 - Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
- Section 55-9-408 - Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective.
- Section 55-9-409 - Restrictions on assignment of letter-of-credit rights ineffective.
Part 5 - FILING
- Section 55-9-501 - Filing office.
- Section 55-9-502 - Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
- Section 55-9-503 - Name of debtor and secured party.
- Section 55-9-504 - Indication of collateral.
- Section 55-9-505 - Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions.
- Section 55-9-506 - Effect of errors or omissions.
- Section 55-9-507 - Effect of certain events on effectiveness of financing statement.
- Section 55-9-508 - Effectiveness of financing statement if new debtor becomes bound by security agreement.
- Section 55-9-509 - Persons entitled to file a record.
- Section 55-9-510 - Effectiveness of filed record.
- Section 55-9-511 - Secured party of record.
- Section 55-9-512 - Amendment of financing statement.
- Section 55-9-513 - Termination statement.
- Section 55-9-514 - Assignment of powers of secured party of record.
- Section 55-9-515 - Duration and effectiveness of financing statement; effect of lapsed financing statement.
- Section 55-9-516 - What constitutes filing; effectiveness of filing.
- Section 55-9-517 - Effect of indexing errors.
- Section 55-9-518 - Claim concerning inaccurate or wrongfully filed record.
- Section 55-9-519 - Numbering, maintaining and indexing records; communicating information provided in records.
- Section 55-9-520 - Acceptance and refusal to accept record.
- Section 55-9-521 - Form of financing statement and amendment; records.
- Section 55-9-522 - Maintenance and destruction of records.
- Section 55-9-523 - Information from secretary of state.
- Section 55-9-524 - Delay by secretary of state.
- Section 55-9-525 - Fees.
- Section 55-9-526 - Filing-office rules.
Part 6 - DEFAULT
- Section 55-9-601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.
- Section 55-9-602 - Waiver and variance of rights and duties.
- Section 55-9-603 - Agreement on standards concerning rights and duties.
- Section 55-9-604 - Procedure if security agreement covers real property or fixtures.
- Section 55-9-605 - Unknown debtor or secondary obligor.
- Section 55-9-606 - Time of default for agricultural lien.
- Section 55-9-607 - Collection and enforcement by secured party.
- Section 55-9-608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
- Section 55-9-609 - Secured party's right to take possession after default.
- Section 55-9-610 - Disposition of collateral after default.
- Section 55-9-611 - Notification before disposition of collateral.
- Section 55-9-612 - Timeliness of notification before disposition of collateral.
- Section 55-9-613 - Contents and form of notification before disposition of collateral; general.
- Section 55-9-614 - Contents and form of notification before disposition of collateral; consumer-goods transaction.
- Section 55-9-615 - Application of proceeds of disposition; liability for deficiency and right to surplus.
- Section 55-9-616 - Explanation of calculation of surplus or deficiency.
- Section 55-9-617 - Rights of transferee of collateral.
- Section 55-9-618 - Rights and duties of certain secondary obligors.
- Section 55-9-619 - Transfer of record or legal title.
- Section 55-9-620 - Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
- Section 55-9-621 - Notification of proposal to accept collateral.
- Section 55-9-622 - Effect of acceptance of collateral.
- Section 55-9-623 - Right to redeem collateral.
- Section 55-9-624 - Waiver.
- Section 55-9-625 - Remedies for secured party's failure to comply with article.
- Section 55-9-626 - Action in which deficiency or surplus is in issue.
- Section 55-9-627 - Determination of whether conduct was commercially reasonable.
- Section 55-9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.
Part 7 - TRANSITION
- Section 55-9-701 - Effective date.
- Section 55-9-702 - Saving clause.
- Section 55-9-703 - Temporary transition provision; security interest perfected before effective date.
- Section 55-9-704 - Temporary transition provision; security interest unperfected before effective date.
- Section 55-9-705 - Temporary transition provision; effectiveness of action taken before effective date.
- Section 55-9-706 - Temporary transition provision; when initial financing statement suffices to continue effectiveness of financing statement.
- Section 55-9-707 - Temporary transition provision; amendment of pre-effective-date financing statement.
- Section 55-9-708 - Temporary transition provision; persons entitled to file initial financing statement or continuation statement.
- Section 55-9-709 - Temporary transition provision; priority.
- Section 55-9-710 - Temporary transition provision; certain records of county clerks.
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