Section 55-9-338 – Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Paragraph (5) of Subsection (b) of Section 55-9-516 NMSA 1978 that is incorrect at the time the financing statement is filed: (1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in […]
Section 55-9-339 – Priority subject to subordination.
Chapter 55, Article 9 NMSA 1978 does not preclude subordination by agreement by a person entitled to priority. History: 1978 Comp., § 55-9-339, enacted by Laws 2001, ch. 139, § 59. ANNOTATIONS OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. […]
Section 55-9-340 – Effectiveness of right of recoupment or set-off against deposit account.
(a) Except as otherwise provided in Subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Except as otherwise provided in Subsection (c) of this section, the application of […]
Section 55-9-331 – Priority of rights of purchasers of instruments, documents and securities under other articles; priority of interests in financial assets and security entitlements under Chapter 55, Article 8 NMSA 1978.
(a) Chapter 55, Article 9 NMSA 1978 does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if […]
Section 55-9-332 – Transfer of money; transfer of funds from deposit account.
(a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (b) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts […]
Section 55-9-333 – Priority of certain liens arising by operation of law.
(a) In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien: (1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business; (2) that is created by statute or rule […]
Section 55-9-334 – Priority of security interests in fixtures.
(a) A security interest under Chapter 55, Article 9 NMSA 1978 may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building materials incorporated into an improvement on land. (b) Chapter 55, Article 9 NMSA 1978 does not […]
Section 55-9-335 – Accessions.
(a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Except as otherwise provided in Subsection (d) of this section, the other provisions of this […]
Section 55-9-336 – Commingled goods.
(a) In this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when […]
Section 55-9-337 – Priority of security interests in goods covered by certificate of title.
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: […]