New Mexico Statutes
§ 42-10-6 — Personal property used as a security under the Uniform
New Mexico § 42-10-6
This text of New Mexico § 42-10-6 (Personal property used as a security under the Uniform) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.M. Stat. Ann. § 42-10-6 (2026).
Text
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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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Repealed§ 42-10-13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Repealed§ 42-10-4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Repealed§ 42-10-9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 exemptionCite This Page — Counsel Stack
Bluebook (online)
New Mexico § 42-10-6, Counsel Stack Legal Research, https://law.counselstack.com/statute/nm/42-10-6.