Section 56-15-9 – Enforcement by notification to tenant.
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 […]
Section 56-15-10 – Notification to tenant; form.
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 […]
Section 56-15-1 – Short title.
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.
Section 56-15-2 – Definitions.
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 […]
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 […]
Section 56-15-4 – Security instrument creates assignment of rents; assignment of rents creates security interest.
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, […]
Section 56-15-5 – Recordation; perfection of security interest in rents; priority of conflicting interests in rents.
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 […]
Section 56-15-6 – Enforcement of security interest in rents.
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 […]
Section 56-15-7 – Enforcement by appointment of receiver.
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 […]
Section 56-13-7 – Continuation statement.
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 […]