Section 55-9-707 – Temporary transition provision; amendment of pre-effective-date financing statement.
(a) In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2001. (b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the […]
Section 55-9-708 – Temporary transition provision; persons entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under Sections 145 through 152 of this act if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under Sections 145 through 153 of this act: (A) to continue the effectiveness of a financing statement filed before […]
Section 55-9-709 – Temporary transition provision; priority.
(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, Chapter 55, Article 9 NMSA 1978 as it existed before that date determines priority. (b) For purposes of Subsection (a) of Section 55-9-322 NMSA 1978, the priority of a security […]
Section 55-9-710 – Repealed.
History: Laws 2001, ch. 139, § 154; repealed by Laws 2011, ch. 134, § 24. ANNOTATIONS Repeals. — Laws 2011, ch. 134, § 24 repealed NMSA 1978, as enacted by Laws 2001, ch. 139, § 154, relating to a temporary transition provision, effective July 1, 2011. For provisions of former section, see the 2010 NMSA […]
Section 55-9-625 – Remedies for secured party’s failure to comply with article.
(a) If it is established that a secured party is not proceeding in accordance with Chapter 55, Article 9 NMSA 1978, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. (b) Subject to Subsections (c), (d) and (f) of this section, a person is liable for damages […]
Section 55-9-626 – Action in which deficiency or surplus is in issue.
(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition or acceptance unless the debtor or a […]
Section 55-9-627 – Determination of whether conduct was commercially reasonable.
(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition or acceptance was made […]
Section 55-9-628 – Nonliability and limitation on liability of secured party; liability of secondary obligor.
(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for […]
Section 55-9-701 – Effective date.
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 […]
Section 55-9-702 – Saving clause.
(a) Except as otherwise provided in Sections 146 through 155 [55-9-701 to 55-9-710 NMSA 1978] of this act, its provisions apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise provided in Subsection (c) of this section […]