New Mexico § 56-15-4 Security instrument creates assignment of rents;

New Mexico Statutes

§ 56-15-4 — Security instrument creates assignment of rents;

New Mexico·Ch. 56 Commercial Instruments and Transactions·Art. 15 Uniform Assignment of Rents

assignment of rents creates security interest.

A.An enforceable security instrument creates an assignment of rents arising from the real property described in the security instrument, unless the security instrument provides otherwise.

B.An assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property described in the document creating the assignment, regardless of whether the document is in the form of an absolute assignment, an absolute assignment conditioned upon default, an assignment as additional security or any other form. The security interest in rents is separate and distinct from any security interest held by the assignee in the real property.

Free access — add to your briefcase to read the full text and ask questions with AI

assignment of rents creates security interest. A. An enforceable security instrument creates an assignment of rents arising from the real property described in the security instrument, unless the security instrument provides otherwise. B. An assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property described in the document creating the assignment, regardless of whether the document is in the form of an absolute assignment, an absolute assignment conditioned upon default, an assignment as additional security or any other form. The security interest in rents is separate and distinct from any security interest held by the assignee in the real property.

New Mexico § 56-15-4 (Security instrument creates assignment of rents;) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.