2021 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 9 - Secured Transactions
Part 7 - TRANSITION
Section 55-9-701 - Effective date.

Universal Citation: NM Stat § 55-9-701 (2021)

The effective date of the provisions of this act is July 1, 2001.

History: Laws 2001, ch. 139, § 155.

ANNOTATIONS

OFFICIAL COMMENTS

UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

A uniform law as complex as article 9 necessarily gives rise to difficult problems and uncertainties during the transition to the new law. As is customary for uniform laws, this article is based on the general assumption that all states will have enacted substantially identical versions. While always important, uniformity is essential to the success of this article. If former article 9 is in effect in some jurisdictions, and this article is in effect in others, horrendous complications may arise. For example, the proper place in which to file to perfect a security interest (and thus the status of a particular security interest as perfected or unperfected) would depend on whether the matter was litigated in a state in which former article 9 was in effect or a state in which this article was in effect. Accordingly, this section contemplates that states will adopt a uniform effective date for this article. Any one state's failure to adopt the uniform effective date will greatly increase the cost and uncertainty surrounding the transition.

Other problems arise from transactions and relationships that were entered into under former article 9 or under non-UCC law and which remain outstanding on the effective date of this article (July 1, 2001). The difficulties arise primarily because this article expands the scope of former article 9 to cover additional types of collateral and transactions and because it provides new methods of perfection for some types of collateral, different priority rules, and different choice of law rules governing perfection and priority. This section and the other sections in this part address primarily this second set of problems.

Meaning of "this act". — The words "this act" means Laws 2001, ch. 139 which is codified as 55-1-105 NMSA 1978, 55-1-201 NMSA 1978, 55-2-103 NMSA 1978, 55-2-210 NMSA 1978, 55-2-326 NMSA 1978, 55-2-502 NMSA 1978, 55-2-716 NMSA 1978, 55-2A-103 NMSA 1978, 55-2A-303 NMSA 1978, 55-2A-307 NMSA 1978, 55-2A-309 NMSA 1978, 55-4-210 NMSA 1978, 55-5-118 NMSA 1978, 55-7-503 NMSA 1978, 55-8-103 NMSA 1978, 55-8-106 NMSA 1978, 55-8-110 NMSA 1978, 55-8-301 NMSA 1978, 55-8-302 NMSA 1978 and Chapter 55, Article 9 NMSA 1978

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.