2024 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 12A - Transitional Provisions for Uniform Commercial Code Amendments (2022)
Part 3 - TRANSITIONAL PROVISIONS FOR ARTICLES 9 AND 12
Section 55-12A-301 - Saving clause.
(a) Except as provided in Sections 55-12A-301 through 55-12A-306 NMSA 1978, Article 9 of the Uniform Commercial Code as amended by this 2023 act and Article 12 of the Uniform Commercial Code apply to a transaction, lien or other interest in property, even if the transaction, lien or interest was entered into, created or acquired before January 1, 2024.
(b) Except as provided in Subsection (c) of this section and Sections 55-12A-302 through 55-12A-306 NMSA 1978:
(1) a transaction, lien or interest in property that was validly entered into, created or transferred before January 1, 2024 and was not governed by the Uniform Commercial Code, but would be subject to Article 9 of the Uniform Commercial Code as amended by this 2023 act or Article 12 of the Uniform Commercial Code if it had been entered into, created or transferred on or after January 1, 2024, including the rights, duties and interests flowing from the transaction, lien or interest, remains valid on and after January 1, 2024; and
(2) the transaction, lien or interest may be terminated, completed, consummated and enforced as required or permitted by this 2023 act or by the law that would apply if this 2023 act had not taken effect.
(c) This 2023 act does not affect an action, case or proceeding commenced before January 1, 2024.
History: 1978 Comp., § 55-12A-301, enacted by Laws 2023, ch. 142, § 106.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
1. Source. This section derives from Section 9-702.
2. Pre-effective-date transactions, liens, and interests. Subsection (a) contains the general rule that Article 9 as amended by this act (2022 Article 9) and Article 12 generally apply to transactions, liens (including security interests), and interests in property, even if entered into, created, or acquired before the effective date. Thus, for example, secured transactions entered into under Article 9 before amendment by this act (as used in these official comments to Article A, "pre-2022 Article 9") must be terminated, completed, consummated, and enforced under this act. However, other provisions in this part provide exceptions to this general rule.
3. Pre-effective-date transactions not governed by pre-effective-date Uniform Commercial Code. Subsection (b) is an exception to the general rule. It applies to valid, pre-effective-date transactions, liens, and other interests in property that were not governed by the pre-2022 Uniform Commercial Code but would be governed by this act if they had been entered into or created after this act takes effect. Under Subsection (b), these valid transactions, such as the sale of a controllable electronic record, retain their validity under this act and may be terminated, completed, consummated, and enforced as required or permitted by the law that would apply had this act not taken effect or, to the extent not inconsistent with that law, this act.
4. Judicial proceedings commenced before effective date. As is usual in transitional provisions, Subsection (c) provides that this act does not affect litigation pending on the effective date.
ANNOTATIONSEffective dates. — Laws 2023, ch. 142, § 112 made Laws 2023, ch. 142, § 106 effective January 1, 2024.
