New Mexico § 55-9-325 Priority of security interests in transferred collateral

New Mexico Statutes

§ 55-9-325 — Priority of security interests in transferred collateral

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

(a)Except as otherwise provided in Subsection (b) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(1)the debtor acquired the collateral subject to the security interest created by the other person;

(2)the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected.

(b)Subsection (a) of this section subordinates a security interest only if the security interest:

(1)otherwise would have priority solely under Subsection (a) of Section 55-9- 322 NMSA 1978 or under Section 55-9-324 NMSA 1978; or (2) arose solely under Subsection (3) of Section 55-2-711 or Subsection (5) of

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(a) Except as otherwise provided in Subsection (b) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected. (b) Subsection (a) of this section subordinates a security interest only if the security interest: (1) otherwise would have priority solely under Subsection (a) of Section 55-9- 322 NMSA 1978 or under Section 55-9-324 NMSA 1978; or (2) arose solely under Subsection (3) of Section 55-2-711 or Subsection (5) of Section 55-2A-508 NMSA 1978.

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