Sections 1 through 14 [56-13-1 to 56-13-14 NMSA 1978] of this act may be cited as the “Farm Products Secured Interest Act”. History: Laws 1987, ch. 177, § 1. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, […]
In order to verify the existence or the nonexistence of a security interest, a buyer in the ordinary course of business, commission merchant or selling agent may request a seller to disclose such seller’s social security number or, in the case of a seller doing business other than as an individual, the internal revenue service […]
The secretary of state shall adopt and promulgate rules and regulations necessary to implement the Farm Products Secured Interest Act. If necessary to obtain federal certification of the central filing system, additional or alternative requirements made in conformity with Section 1324 of the Food Security Act of 1985 may be imposed by the secretary of […]
For purposes of Section 1324 of the Food Security Act of 1985, Public Law 99-198, “receipt of written notice” means the date the notice is actually received by a buyer in the ordinary course of business or the first date upon which delivery is attempted by a carrier. A buyer in the ordinary course of […]
A. A buyer in the ordinary course of business, in buying farm products covered by the central filing system, shall take subject to the security interest identified under such system, except that a registrant or a buyer in the ordinary course of business making an inquiry under Section 9 [56-13-9 NMSA 1978] of the Farm […]
The secretary of state shall not be liable to any party for the authenticity of the information provided in an effective financing statement. History: Laws 1987, ch. 177, § 14. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § […]
It is the intent of the legislature to adopt a central filing system for security interests relating to farm products pursuant to Section 1324 of the Food Security Act of 1985, Public Law 99-198. It is also the intent of the legislature that upon the adoption of the central filing system, security interest holders be […]
As used in the Farm Products Secured Interest Act: A. “buyer in the ordinary course of business” means a person who, in the ordinary course of business, buys farm products from a person engaged in farming operations who is in the business of selling farm products; B. “central filing system” means the system for filing […]
The secretary of state shall design and implement a central filing system for effective financing statements. The secretary of state shall be the system operator. The system shall provide a means for filing effective financing statements or notices of such financing statements on a statewide basis. The system shall include requirements that: A. an effective […]
The secretary of state shall apply to the secretary of the United States department of agriculture for certification of the central filing system provided by the Farm Products Secured Interest Act. History: Laws 1987, ch. 177, § 5. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, […]
A. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing of an effective financing statement, an amendment, a continuation statement or a termination statement shall be eleven dollars and fifty cents ($11.50). B. The fees set forth in Subsection A […]
A continuation statement may be filed by the secured party within six months prior to the expiration of the five-year period specified in Paragraph (6) of Subsection E of Section 56-13-3 NMSA 1978. Any such continuation statement shall be signed by the secured party, shall identify the original statement by file number and shall state […]
A. Whenever there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party shall notify the debtor in writing of his right to have a notice of lapse of his effective financing statement filed which shall lead to the removal of his name from the […]
A. Oral and written inquiries regarding information provided by the filing of effective financing statements may be made at the office of the secretary of state during regular business hours. The fee for furnishing file information in writing shall be fifteen dollars ($15.00) for each debtor name searched by the secretary of state. Written confirmation […]
