§ 48-9-6 — Effect of act and filing; title; purchaser's rights; collateral

New Mexico § 48-9-6

• Jurisdiction: New Mexico
• Ch. 48: Liens and Mortgages
• Art. 9: Oil and Gas Products Lien Act

Text

security. A. Neither the provisions of the Oil and Gas Products Lien Act nor the filing of any instrument permitted under that act shall affect the time at which legal title to the products from a production unit may pass from an interest owner or operator to a purchaser by agreement or operation of law subject to the purchase money security interest and lien granted under the provisions of that act, the ownership of the products before severed from a production unit as reflected by the records affecting real property or the right of a purchaser to take or receive products from a production unit under the terms of a division order or similar agreement for the sale and purchase of products and a purchaser shall be free to transport products out of the state notwithstanding the provisions of the Oil and Gas Products Lien Act. B. No person entitled to a purchase money security interest and lien under the provisions of the Oil and Gas Products Lien Act shall be deemed to have waived or relinquished such purchase money security interest and lien by taking or receiving collateral security for payment of the purchase price for or taxes measured by the value of the product unless he expressly agrees thereto in writing.

Legislative History

1953 Comp., § 61-10-6, enacted by Laws 1973, ch. 100, § 6.