§ 55-12A-301 — Saving clause

(a) Except as provided in Sections 55-12A-301 through 55-12A-306 NMSA 1978, Article 9 of the Uniform Commercial Code as amended by this 2023 act and Article 12 of the Uniform Commercial Code apply to a transaction, lien or other interest in property, even if the transaction, lien or interest was entered into, created or acquired before January 1, 2024. (b) Except as provided in Subsection (c) of this section and Sections 55-12A-302 through 55-12A-306 NMSA 1978: (1) a transaction, lien or interest in property that was validly entered into, created or transferred before January 1, 2024 and was not governed by the Uniform Commercial Code, but would be subject to Article 9 of the Uniform Commercial Code as amended by this 2023 act or Article 12 of the Uniform Commercial Code if it had been entered into, created or transferred on or after January 1, 2024, including the rights, duties and interests flowing from the transaction, lien or interest, remains valid on and after January 1, 2024; and (2) the transaction, lien or interest may be terminated, completed, consummated and enforced as required or permitted by this 2023 act or by the law that would apply if this 2023 act had not taken effect. (c) This 2023 act does not affect an action, case or proceeding commenced before January 1, 2024.

Legislative History

1978 Comp., § 55-12A-301, enacted by Laws 2023, ch. 142, § 106.