NM Stat § 66-3-202 (2021)
2021 New Mexico Statutes|Chapter 66 - Motor Vehicles|Article 3 - Registration Laws; Security Interests; Anti-Theft Provisions; Bicycles; Equipment; Unsafe Vehicles; Off-Highway Motor Vehicles; Other Vehicles|Part 3 - SECURITY INTERESTS|Section 66-3-202 - Filing effective to give notice.

A. On or after June 1, 1996, the filing of an application with the division and the issuance of a new certificate of title by the division as provided in Section 66-3-201 NMSA 1978 constitute constructive notice of all security interests in the vehicle described in the application. Except for a manufactured home or recreational vehicle, if the application is received by the division within ten days after the date the security agreement was executed, constructive notice shall be effective as of the date of the execution of the security agreement, and the security interest shall be deemed to have been filed and perfected as of that date and shall have priority over other liens attached or filed subsequent to that date, except for tax liens filed by the state, county or federal governments. In the case of a manufactured home or recreational vehicle, if the application is received by the division within sixty days after the date the security agreement was executed, constructive notice shall be effective as of the date of the execution of the security agreement, and the security agreement shall be deemed to have been filed and perfected as of that date and shall have priority over other liens attached or filed subsequent to that date, except for tax liens filed by the state, county or federal governments. In all other cases, constructive notice shall be effective as of the date of receipt noted on the title application. B. The method provided in this article for perfecting a security interest shall be exclusive except as to liens dependent upon possession and property tax liens on manufactured homes perfected under Section 66-3-204 NMSA 1978. C. The constructive notice provided for in this section terminates twelve months after the maturity date of the debt. Unless refiled in a manner prescribed by the division within twelve months after the maturity date, the division may ignore the security interest in the issuance of all subsequent certificates of title. History: 1953 Comp., § 64-3-202, enacted by Laws 1978, ch. 35, § 74; 1996, ch. 78, § 1. ANNOTATIONSThe 1996 amendment, effective May 15, 1996, rewrote Subsection A, substituted "manufactured" for "mobile" and "66-3-204 NMSA 1978" for "64-3-204 NMSA 1978" in Subsection B, and made stylistic changes in Subsection C. Lien for unpaid trailer court rental space not superior. — The lien of an owner or operator of a trailer court for unpaid space rental is not superior to a prior chattel mortgage on a house trailer filed as required by Section 64-5-2, 1953 Comp. (similar to this section). Diamond Trailer Sales Co. v. Munoz, 1963-NMSC-104, 72 N.M. 190, 382 P.2d 185. Application not received within 10 days not constructive notice. — Where application for title showing lien is not received within 10 days after execution of security agreement, the filing of security agreement does not constitute constructive notice of security interest. Novak v. Dow, 1970-NMCA-104, 82 N.M. 30, 474 P.2d 712. Application filed after levy not prior interest. — Where bank, on motion for summary judgment, failed to show that application for title was filed before levy to satisfy judgment debt, bank did not have prior security interest in automobile. Novak v. Dow, 1970-NMCA-104, 82 N.M. 30, 474 P.2d 712. Section provides exclusive method of perfection. — This section specifically provides that the method provided under Sections 64-5-1 and 64-5-2, 1953 Comp. (similar to Section 66-3-201 NMSA 1978 and this section, respectively) for giving constructive notice of a lien or encumbrance upon a registered vehicle shall be exclusive of the provisions of law which otherwise require or relate to the recording or filing of instruments creating or evidencing title retention or other liens or encumbrances upon vehicles of a type subject to registration. 1962 Op. Att'y Gen. No. 62-30. Uniform Commercial Code inapplicable to security interests in motor vehicles. — Under a plain reading of the statutes and authorities the provisions of the Uniform Commercial Code (55-1-101 NMSA 1978 et seq.) do not apply to the perfection of liens, encumbrances or title retention creating a security interest in motor vehicles. 1962 Op. Att'y Gen. No. 62-30. The motor vehicle division should accept for filing all instruments, with or without acknowledgments appearing thereon, filed pursuant to Sections 64-5-1 and 64-5-2, 1953 Comp. (similar to Section 66-3-201 NMSA 1978 and this section, respectively) and which instruments create and evidence a lien or encumbrance or title retention upon motor vehicles required to be registered. 1962 Op. Att'y Gen. No. 62-30. Law reviews. — For article, "Attachment in New Mexico - Part II," see 2 Nat. Resources J. 75 (1962). Am. Jur. 2d, A.L.R. and C.J.S. references. — 7A Am. Jur. 2d Automobiles and Highway Traffic § 31. 60 C.J.S. Motor Vehicles § 42.