Section 55-9-115 – Superseded.
ANNOTATIONS Compiler’s notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. Subsection (1) of this section has been superseded by Section 9-102 (55-9-102 NMSA 1978) and 9-106 (55-9-106 NMSA 1978). Subsection (2) of this section […]
Section 55-9-116 – Superseded.
ANNOTATIONS Compiler’s notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. This section has been superseded by Section 9-206 (55-9-206 NMSA 1978) and 9-309 (55-9-309 NMSA 1978). The Official Comments state that the source of […]
Section 55-8-508 – Duty of securities intermediary to change entitlement holder’s position to other form of security holding.
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies […]
Section 55-8-509 – Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.
(a) If the substance of a duty imposed upon a securities intermediary by Sections 55-8-504 through 55-8-508 NMSA 1978 is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty. (b) To the extent that specific standards for the performance of the duties of a securities intermediary […]
Section 55-8-510 – Rights of purchaser of security entitlement from entitlement holder.
(a) In a case not covered by the priority rules in Chapter 55, Article 9 NMSA 1978 or the rules stated in Subsection (c) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not […]
Section 55-8-511 – Priority among security interests and entitlement holders.
(a) Except as otherwise provided in Subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest […]
Section 55-9-101 – Short title.
Chapter 55, Article 9 NMSA 1978 may be cited as the “Uniform Commercial Code-Secured Transactions”. History: 1978 Comp., § 55-9-101, enacted by Laws 2001, ch. 139, § 1. ANNOTATIONS OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. This Article […]
Section 55-8-406 – Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
If a security certificate has been lost, apparently destroyed or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a […]
Section 55-8-407 – Authenticating trustee, transfer agent and registrar.
A person acting as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or […]
Section 55-8-408 – Repealed.
ANNOTATIONS Repeals. — Laws 1996, ch. 47, § 70 repealed 55-8-408, as amended by Laws 1987, ch. 248, § 46, relating to statements of uncertificated securities, effective May 15, 1996. For provisions of former section, see the 1995 NMSA 1978 on NMOneSource.com.