Section 55-9-314 – Perfection by control.
(a) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under Section 55-7-106, 55-9-104, 55-9-105, 55-9-106 or 55-9-107 NMSA 1978. (b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under […]
Section 55-9-315 – Secured party’s rights on disposition of collateral and in proceeds.
(a) Except as otherwise provided in Chapter 55, Article 9 NMSA 1978, the Farm Products Secured Interest Act [56-13-1 to 56-13-14 NMSA 1978] and in Subsection (2) of Section 55-2-403 NMSA 1978: (1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party […]
Section 55-9-316 – Effect of change in governing law.
(a) A security interest perfected pursuant to the law of the jurisdiction designated in Subsection (1) of Section 55-9-301 or Subsection (c) of Section 55-9-305 NMSA 1978 remains perfected until the earliest of: (1) the time perfection would have ceased under the law of that jurisdiction; (2) the expiration of four months after a change […]
Section 55-9-317 – Interests that take priority over or take free of security interest or agricultural lien.
(a) A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under Section 55-9-322 NMSA 1978; and (2) except as otherwise provided in Subsection (e) of this section, a person that becomes a lien creditor before the earlier of the time: (A) the security interest or agricultural […]
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.
(a) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. (b) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account […]
Section 55-9-319 – Rights and title of consignee with respect to creditors and purchasers.
(a) Except as otherwise provided in Subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the […]
Section 55-9-320 – Buyer of goods.
(a) Except as otherwise provided in Subsection (e) of this section or in the Farm Products Secured Interest Act [56-13-1 to 56-13-14 NMSA 1978], a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s […]
Section 55-9-309 – Security interest perfected upon attachment.
The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Subsection (b) of Section 55-9-311 NMSA 1978 with respect to consumer goods that are subject to a statute or treaty described in Subsection (a) of Section 55-9-311 NMSA 1978; (2) an assignment of […]
Section 55-9-301 – Law governing perfection and priority of security interests.
Except as otherwise provided in Sections 55-9-303 through 55-9-306 NMSA 1978, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral: (1) except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that […]
Section 55-9-302 – Law governing perfection and priority of agricultural liens.
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. History: 1978 Comp., § 55-9-302, enacted by Laws 2001, ch. 139, § 22. ANNOTATIONS OFFICIAL COMMENTS UCC Official Comments by ALI & […]