This act [56-15-1 to 56-19-19 NMSA 1978] may be cited as the “Uniform Assignment of Rents Act”. History: Laws 2011, ch. 141, § 1. ANNOTATIONS Effective dates. — Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
No particular phrasing is required for the notification specified in Section 9 [56-15-9 NMSA 1978] of the Uniform Assignment of Rents Act. However, the following form of notification, when properly completed, is sufficient to satisfy the requirements of that section: “NOTIFICATION TO PAY RENTS TO PERSON OTHER THAN LANDLORD Tenant: [Name of Tenant] Property Occupied […]
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 […]
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 […]
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 […]
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 […]
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; […]
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.
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 […]
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. […]
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 […]
As used in the Uniform Assignment of Rents Act: A. “assignee” means a person entitled to enforce an assignment of rents; B. “assignment of rents” means a transfer of an interest in rents in connection with an obligation secured by real property located in New Mexico and from which the rents arise; C. “assignor” means […]
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 […]
A. An enforceable security instrument creates an assignment of rents arising from the real property described in the security instrument, unless the security instrument provides otherwise. B. An assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property described in the document creating the assignment, […]
A. A document creating an assignment of rents may be submitted for recording in the office of the county clerk in the same manner as any other document evidencing a conveyance of an interest in real property. B. Upon recording, the security interest in rents created by an assignment of rents is fully perfected, even […]
A. An assignee may enforce an assignment of rents using one or more of the methods specified 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 or any other method sufficient to enforce the assignment pursuant to any law of New Mexico other than that […]
A. An assignee is entitled to the appointment of a receiver for the real property subject to the assignment of rents if: (1) the assignor is in default and: (a) the assignor has agreed in a signed document to the appointment of a receiver in the event of the assignor’s default; (b) it appears likely […]
A. Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give the assignor a notification demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect pursuant to Section 6 [56-15-6 NMSA 1978] of the Uniform Assignment of Rents Act. The assignee shall […]
A. Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give to a tenant of the real property a notification demanding that the tenant pay to the assignee all unpaid accrued rents and all unaccrued rents as they accrue. The assignee shall give a copy of the notification to the […]
