New Mexico § 55-9-306 Law governing perfection and priority of security

New Mexico Statutes

§ 55-9-306 — Law governing perfection and priority of security

New Mexico § 55-9-306

Ch. 55Uniform Commercial Code

Art. 9Secured Transactions

This text of New Mexico § 55-9-306 (Law governing perfection and priority of security) 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. § 55-9-306 (2026).

Text

interests in letter-of-credit rights.

(a)Subject to Subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.

(b)For purposes of Sections 55-9-301 through 55-9-342 NMSA 1978, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 55-5-116 NMSA 1978.

(c)This section does not apply to a security interest that is perfected only under Subsection (d) of Section 55-9-308 NMSA 1978.

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interests in letter-of-credit rights. (a) Subject to Subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state. (b) For purposes of Sections 55-9-301 through 55-9-342 NMSA 1978, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 55-5-116 NMSA 1978. (c) This section does not apply to a security interest that is perfected only under Subsection (d) of Section 55-9-308 NMSA 1978.