Section 56-15-19 – Application to existing relationships.
A. Except as otherwise provided in this section, the Uniform Assignment of Rents Act governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before the effective date of that act. B. The Uniform Assignment […]
Section 56-15-11 – Effect of enforcement.
The enforcement of an assignment of rents by one or more of the methods identified in Sections 7, 8 and 9 [56-15-7, 56-15-8 and 56-15-9 NMSA 1978] of the Uniform Assignment of Rents Act, the application of proceeds by the assignee pursuant to Section 12 [56-15-12 NMSA 1978] of that act after enforcement, the payment […]
Section 56-15-12 – Application of proceeds.
Unless otherwise agreed, an assignee that collects rents pursuant to the Uniform Assignment of Rents Act or collects upon a judgment in an action pursuant to Subsection D of Section 14 [56-15-14 NMSA 1978] of that act shall apply the sums collected in the following order to: A. the assignee’s reasonable expenses of enforcing its […]
Section 56-15-13 – Application of proceeds to expenses of protecting real property; claims and defenses of tenant.
A. Unless otherwise agreed by the assignee, and subject to Subsection C of this section, an assignee that collects rents following enforcement pursuant to Section 8 or 9 [56-15-8, 56-15-9 NMSA 1978] of the Uniform Assignment of Rents Act need not apply them to the payment of expenses of protecting or maintaining the real property […]
Section 56-15-14 – Turnover of rents; commingling and identifiability of rents; liability of assignor.
A. As used in this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. B. If an assignor collects rents that the assignee is entitled to collect pursuant to the Uniform Assignment of Rents Act: (1) the assignor shall turn over the proceeds to the assignee, less […]
Section 56-15-15 – Perfection and priority of assignee’s security interest in proceeds.
A. As used in this section: (1) “Article 9” means Chapter 55, Article 9 NMSA 1978 or, to the extent applicable to any particular issue, Article 9 of the Uniform Commercial Code as adopted by the state whose laws govern that issue pursuant to the choice-of-laws rules contained in Chapter 55, Article 9 NMSA 1978; […]
Section 56-15-16 – Priority subject to subordination.
The Uniform Assignment of Rents Act does not preclude subordination by agreement as to rents or proceeds. History: Laws 2011, ch. 141, § 16. ANNOTATIONS Effective dates. — Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
Section 56-15-17 – Uniformity of application and construction.
In applying and construing the Uniform Assignment of Rents Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2011, ch. 141, § 17. ANNOTATIONS Effective dates. — Laws 2011, ch. 141, § 20 made §§ 1 through […]
Section 56-15-18 – Relation to Federal Electronic Signatures in Global and National Commerce Act.
The Uniform Assignment of Rents Act modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act but does not modify, limit or supersede Section 101(c) of that act or authorize electronic delivery of any of the notices described in Section 103(b) of that act. History: Laws 2011, ch. 141, § 18. […]
Section 56-15-3 – Manner of giving notification.
A. Except as otherwise provided in Subsections C and D of this section, a person gives a notification or a copy of a notification pursuant to the Uniform Assignment of Rents Act: (1) by depositing it with the United States postal service or with a commercially reasonable delivery service, properly addressed to the intended recipient’s […]