2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases
Section 55-2A-105 - Territorial application of article to goods covered by certificate of title.
Subject to the provisions of Sections 55-2A-30455 NMSA 1978, with respect to goods covered by a certificate of title issued under a statute of this state or of another jurisdiction, compliance and the effect of compliance or noncompliance with a certificate of title statute are governed by the law (including the conflict of laws rules) of the jurisdiction issuing the certificate until the earlier of (a) surrender of the certificate, or (b) four months after the goods are removed from that jurisdiction and thereafter until a new certificate of title is issued by another jurisdiction.
History: 1978 Comp., § 55-2A-105, enacted by Laws 1992, ch. 114, § 12.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform statutory source. — Section 9-103(2)(a) and (b) [55-9-103 NMSA 1978].
Changes. — Substantially revised. The provisions of the last sentence of Section 9-103(2)(b) [55-9-103 NMSA 1978] have not been incorporated as it is superfluous in this context. The provisions of Section 9-103(2)(d) [55-9-103 NMSA 1978] have not been incorporated because the problems dealt with are adequately addressed by this section and Sections 2A-304(3) and 305(3) [55-2A-304 and 55-2A-305 NMSA 1978, respectively].
Purposes. — The new certificate referred to in (b) must be permanent, not temporary. Generally, the lessor or creditor whose interest is indicated on the most recently issued certificate of title will prevail over interests indicated on certificates issued previously by other jurisdictions. This provision reflects a policy that it is reasonable to require holders of interests in goods covered by a certificate of title to police the goods or risk losing their interests when a new certificate of title is issued by another jurisdiction.
Cross references. — Sections 2A-304(3), 2A-305(3), 9-103(2)(b) and 9-103(2)(d) [55-2A-304, 55-2A-305 and 55-9-103 NMSA 1978, respectively].
Definitional cross references. — "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 12 effective July 1, 1992.
