New Mexico § 55-9-301 Law governing perfection and priority of security

New Mexico Statutes

§ 55-9-301 — Law governing perfection and priority of security

New Mexico·Ch. 55 Uniform Commercial Code·Art. 9 Secured Transactions

interests. Except as otherwise provided in Sections 55-9-303 through 55-9-306B NMSA 1978, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral:

(1)except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral;

(2)while collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral;

(3)except as otherwise provided in Subsection (4) of this section, while tangible nego

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interests. Except as otherwise provided in Sections 55-9-303 through 55-9-306B NMSA 1978, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral: (1) except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral; (2) while collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral; (3) except as otherwise provided in Subsection (4) of this section, while tangible negotiable tangible documents, goods, instruments or tangible money is located in a jurisdiction, the local law of that jurisdiction governs: (A) perfection of a security interest in the goods by filing a fixture filing; (B) perfection of a security interest in timber to be cut; and (C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral; and (4) the local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection and the priority of a security interest in as-extracted collateral.

New Mexico § 55-9-301 (Law governing perfection and priority of security) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.