New Mexico § 55-9-702 Saving clause

New Mexico Statutes

§ 55-9-702 — Saving clause

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

(a)Except as otherwise provided in Sections 146 through 155 [55-9-701 to 55-9-710 NMSA 1978] of this act, its provisions apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.

(b)Except as otherwise provided in Subsection (c) of this section and Sections 147 through 153 [55-9-703 to 55-9-709 NMSA 1978] of this act:

(1)transactions and liens that were not governed by Chapter 55, Article 9 NMSA 1978, as it existed prior to July 1, 2001, were validly entered into or created before that date and would be subject to this act if they had been entered into or created after July 1, 2001, and the rights, duties and interests flowing from those transactions and liens remain valid after July 1, 2001; and (2) the transaction

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(a) Except as otherwise provided in Sections 146 through 155 [55-9-701 to 55-9-710 NMSA 1978] of this act, its provisions apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise provided in Subsection (c) of this section and Sections 147 through 153 [55-9-703 to 55-9-709 NMSA 1978] of this act: (1) transactions and liens that were not governed by Chapter 55, Article 9 NMSA 1978, as it existed prior to July 1, 2001, were validly entered into or created before that date and would be subject to this act if they had been entered into or created after July 1, 2001, and the rights, duties and interests flowing from those transactions and liens remain valid after July 1, 2001; and (2) the transactions and liens described in Paragraph (1) of this subsection may be terminated, completed, consummated and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect. (c) This act does not affect an action, case or proceeding commenced before July 1, 2001.

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