New Mexico Statutes
§ 42-10-6 — Personal property used as a security under the Uniform
Commercial Code is not exempt. A secured creditor who has personal property of the debtor as security as provided by the Uniform Commercial Code [Chapter 55 NMSA 1978] may proceed according to the terms of the security instrument and the Uniform Commercial Code. The debtor cannot exempt personal property given to a secured creditor as security unless there be more property than is necessary to pay the debt to the secured creditor. The debtor may claim an exemption out of the surplus.
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New Mexico § 42-10-6 (Personal property used as a security under the Uniform) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1953 Comp., § 24-5-6, enacted by Laws 1971, ch. 215, § 3.
Nearby Sections
15
§ 42-1-40
Recompiled§ 42-10-1
Exemptions§ 42-10-10
Exemption in lieu of homestead§ 42-10-11
When homestead exemption does not apply§ 42-10-12
Repealed§ 42-10-13
Claim of exemption or priority§ 42-10-14
Cost-of-living adjustments§ 42-10-2
Repealed§ 42-10-4
Benevolent associations; benefits§ 42-10-5
[Life insurance proceeds.]§ 42-10-7
Taxes excepted§ 42-10-8
Repealed§ 42-10-9
Homestead exemption