reglab/housing_qa huggingface dataset:
NM Stat § 55-9-402 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 4 - RIGHTS OF THIRD PARTIES|Section 55-9-402 - Secured party not obligated on contract of debtor or in tort.

The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions. History: 1978 Comp., § 55-9-402, enacted by Laws 2001, ch. 139, § 64. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Former section 9-317. 2. Nonliability of Secured Party. This section, like former section 9-317, rejects theories on which a secured party might be held liable on a debtor's contracts or in tort merely because a security interest exists or because the debtor is entitled to dispose of or use collateral. This section expands former section 9-317 to cover agricultural liens. Repeals and reenactments. — Laws 2001, ch. 139, § 64 repealed former 55-9-402 NMSA 1978, as amended by Laws 1985, ch. 193, § 27, and enacted a new section, effective July 1, 2001. Am. Jur. 2d, A.L.R. and C.J.S. references. — 68A Am. Jur. 2d Secured Transactions § 554. Liability of one financing importation of goods for reimbursement of third person who pays charges or duties, 27 A.L.R. 1526. 79 C.J.S. Secured Transactions § 125.
NM Stat § 55-9-701 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 7 - TRANSITION|Section 55-9-701 - Effective date.

The effective date of the provisions of this act is July 1, 2001. History: Laws 2001, ch. 139, § 155. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. A uniform law as complex as article 9 necessarily gives rise to difficult problems and uncertainties during the transition to the new law. As is customary for uniform laws, this article is based on the general assumption that all states will have enacted substantially identical versions. While always important, uniformity is essential to the success of this article. If former article 9 is in effect in some jurisdictions, and this article is in effect in others, horrendous complications may arise. For example, the proper place in which to file to perfect a security interest (and thus the status of a particular security interest as perfected or unperfected) would depend on whether the matter was litigated in a state in which former article 9 was in effect or a state in which this article was in effect. Accordingly, this section contemplates that states will adopt a uniform effective date for this article. Any one state's failure to adopt the uniform effective date will greatly increase the cost and uncertainty surrounding the transition. Other problems arise from transactions and relationships that were entered into under former article 9 or under non-UCC law and which remain outstanding on the effective date of this article (July 1, 2001). The difficulties arise primarily because this article expands the scope of former article 9 to cover additional types of collateral and transactions and because it provides new methods of perfection for some types of collateral, different priority rules, and different choice of law rules governing perfection and priority. This section and the other sections in this part address primarily this second set of problems. Meaning of "this act". — The words "this act" means Laws 2001, ch. 139 which is codified as 55-1-105 NMSA 1978, 55-1-201 NMSA 1978, 55-2-103 NMSA 1978, 55-2-210 NMSA 1978, 55-2-326 NMSA 1978, 55-2-502 NMSA 1978, 55-2-716 NMSA 1978, 55-2A-103 NMSA 1978, 55-2A-303 NMSA 1978, 55-2A-307 NMSA 1978, 55-2A-309 NMSA 1978, 55-4-210 NMSA 1978, 55-5-118 NMSA 1978, 55-7-503 NMSA 1978, 55-8-103 NMSA 1978, 55-8-106 NMSA 1978, 55-8-110 NMSA 1978, 55-8-301 NMSA 1978, 55-8-302 NMSA 1978 and Chapter 55, Article 9 NMSA 1978
NM Stat § 55-9-702 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 7 - TRANSITION|Section 55-9-702 - Saving clause.

(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. History: Laws 2001, ch. 139, § 146. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Pre-July 1, 2001, Transactions. Subsection (a) contains the general rule that this article applies to transactions, security interests, and other liens within its scope (see section 9-109), even if the transaction or lien was entered into or created before July 1, 2001. Thus, secured transactions entered into under former article 9 must be terminated, completed, consummated, and enforced under this article. Subsection (b) is an exception to the general rule. It applies to valid, pre-July 1, 2001, transactions and liens that were not governed by former article 9 but would be governed by this article if they had been entered into or created on or after July 1, 2001. Under subsection (b), these valid transactions, such as the creation of agricultural liens and security interests in commercial tort claims, retain their validity under this article and may be terminated, completed, consummated, and enforced under this article. However, these transactions also may be terminated, completed, consummated, and enforced by the law that otherwise would apply had this article not taken effect. 2. Judicial Proceedings Commenced Before July 1, 2001. As is usual in transition provisions, subsection (c) provides that this article does not affect litigation pending on the July 1, 2001, date. Effective dates. — Laws 2001, ch. 139, § 155 makes the Uniform Commercial Code - Secured Transactions Act effective July 1, 2001.
NM Stat § 55-9-704 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 7 - TRANSITION|Section 55-9-704 - Temporary transition provision; security interest unperfected before effective date.

A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest until midnight June 30, 2002; (2) remains enforceable on and after July 1, 2002 if the security interest becomes enforceable pursuant to Section 55-9-203 NMSA 1978 before June 30, 2002; and (3) becomes perfected: (A) without further action on July 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after the time specified in Paragraph (A) of this subsection. History: Laws 2001, ch. 139, § 148. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section deals with security interests that are enforceable but unperfected (i.e., subordinate to the rights of a person who becomes a lien creditor) under former article 9 or other applicable law immediately before July 1, 2001. These security interests remain enforceable for one year after July 1, 2001, and thereafter if the appropriate steps for attachment under this article are taken before the one-year period expires. (This section's treatment of enforceability is the same as that of section 9-703.) The security interest becomes a perfected security interest on July 1, 2001, if, at that time, the security interest satisfies the requirements for perfection under this article. If the security interest does not satisfy the requirements for perfection until sometime thereafter, it becomes a perfected security interest at that later time. Example: A security interest has attached under former article 9 but is unperfected because the filed financing statement covers "all of debtor's personal property" and controlling case law in the applicable jurisdiction has determined that this identification of collateral in a financing statement is insufficient. On July 1, 2001, the financing statement becomes sufficient under section 9-504(2). On that date the security interest becomes perfected. (This assumes, of course, that the financing statement is filed in the proper filing office under this article.) Effective dates. — Laws 2001, ch. 139, § 155 makes the Uniform Commercial Code - Secured Transactions Act effective July 1, 2001.
NM Stat § 55-9-708 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 7 - TRANSITION|Section 55-9-708 - Temporary transition provision; persons entitled to file initial financing statement or continuation statement.

A person may file an initial financing statement or a continuation statement under Sections 145 through 152 of this act if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under Sections 145 through 153 of this act: (A) to continue the effectiveness of a financing statement filed before July 1, 2001; or (B) to perfect or continue the perfection of a security interest. History: Laws 2001, ch. 139, § 152. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section permits a secured party to file an initial financing statement or continuation statement necessary under this part to continue the effectiveness of a financing statement filed before July 1, 2001, or to perfect or otherwise continue the perfection of a security interest. Because a filing described in this section typically operates to continue the effectiveness of a financing statement whose filing the debtor already has authorized, this section does not require authorization from the debtor. Effective dates. — Laws 2001, ch. 139, § 155 makes the Uniform Commercial Code - Secured Transactions Act effective July 1, 2001. Compiler's notes. — The references to Sections 145 through 152 of this act and 145 through 153 of this act, should apparently refer to Laws 2001, ch. 139, Sections 146 through 152 [55-9-702 through 55-9-708 NMSA 1978] and 146 through 153 [55-9-702 through 55-9-709 NMSA 1978]. Laws 2001, ch. 139, § 145 is codified at 55-8-510 NMSA 1978.
NM Stat § 55-9-710 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 7 - TRANSITION|Section 55-9-710 - Repealed.

History: Laws 2001, ch. 139, § 154; repealed by Laws 2011, ch. 134, § 24.ANNOTATIONSRepeals. — Laws 2011, ch. 134, § 24 repealed NMSA 1978, as enacted by Laws 2001, ch. 139, § 154, relating to a temporary transition provision, effective July 1, 2011. For provisions of former section, see the 2010 NMSA 1978 on NMOneSource.com.
NM Stat § 55-9-802 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-802 - Applicability.

(a) Except as otherwise provided in this part, this 2013 act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this 2013 act takes effect. (b) This 2013 act does not affect an action, case or proceeding commenced before this 2013 act takes effect. History: 1978 Comp., § 55-9-802, enacted by Laws 2013, ch. 137, § 21. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-803 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-803 - Security interest perfected before effective date.

(a) A security interest that is a perfected security interest immediately before this 2013 act takes effect is a perfected security interest under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, if, when this 2013 act takes effect, the applicable requirements for attachment and perfection under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, are satisfied without further action. (b) Except as otherwise provided in Section 55-9-805 NMSA 1978, if, immediately before this 2013 act takes effect, a security interest is a perfected security interest but the applicable requirements for perfection under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, are satisfied within one year after this 2013 act takes effect. History: 1978 Comp., § 55-9-803, enacted by Laws 2013, ch. 137, § 22. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-804 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-804 - Security interest unperfected before effective date.

A security interest that is an unperfected security interest immediately before this 2013 act takes effect becomes a perfected security interest: (a) without further action, when this 2013 act takes effect, if the applicable requirements for perfection under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act, are satisfied before or at that time; or (b) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. History: 1978 Comp., § 55-9-804, enacted by Laws 2013, ch. 137, § 23. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-806 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-806 - When initial financing statement suffices to continue effectiveness of financing statement.

(a) The filing of an initial financing statement in the office specified in Section 55-9-501 NMSA 1978 continues the effectiveness of a financing statement filed before this 2013 act takes effect if: (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act; (2) the pre-effective-date financing statement was filed in an office in another state; and (3) the initial financing statement satisfies Subsection (c) of this section. (b) The filing of an initial financing statement under Subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement: (1) if the initial financing statement is filed before this 2013 act takes effect, for the period provided in unamended Section 55-9-515 NMSA 1978 with respect to an initial financing statement; and (2) if the initial financing statement is filed after this 2013 act takes effect, for the period provided in Section 55-9-515 NMSA 1978, as amended by this 2013 act, with respect to an initial financing statement. (c) To be effective for purposes of Subsection (a) of this section, an initial financing statement must: (1) satisfy the requirements of Part 5, as amended by this 2013 act, for an initial financing statement; (2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and (3) indicate that the pre-effective-date financing statement remains effective. History: 1978 Comp., § 55-9-806, enacted by Laws 2013, ch. 137, § 25. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-807 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-807 - Amendment of pre-effective-date financing statement.

(a) As used in this section, "pre-effective-date financing statement" means a financing statement filed before this 2013 act takes effect. (b) After this 2013 act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed. (c) Except as otherwise provided in Subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this 2013 act takes effect only if: (1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 55-9-501 NMSA 1978; (2) an amendment is filed in the office specified in Section 55-9-501 NMSA 1978 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Subsection (c) of Section 55-9-806 NMSA 1978; or (3) an initial financing statement that provides the information as amended and that satisfies Subsection (c) of Section 55-9-806 NMSA 1978, is filed in the office specified in Section 55-9-501 NMSA 1978. (d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only pursuant to Subsections (c) and (e) of Section 55-9-805 or Section 55-9-806 NMSA 1978. (e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this 2013 act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies Subsection (c) of Section 55-9-806 NMSA 1978 has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Chapter 55, Article 9 NMSA 1978, as amended by this 2013 act as the office in which to file a financing statement. History: 1978 Comp., § 55-9-807, enacted by Laws 2013, ch. 137, § 26. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-808 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-808 - Person entitled to file initial financing statement or continuation statement.

A person may file an initial financing statement or a continuation statement under this part if: (a) the secured party of record authorizes the filing; and (b) the filing is necessary under this part: (1) to continue the effectiveness of a financing statement filed before this 2013 act takes effect; or (2) to perfect or continue the perfection of a security interest. History: 1978 Comp., § 55-9-808, enacted by Laws 2013, ch. 137, § 27. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 55-9-809 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 8 - SECURITY INTEREST|Section 55-9-809 - Priority.

This 2013 act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims are established before this 2013 act takes effect, Chapter 55, Article 9 NMSA 1978, as it existed before amendment, determines priority. History: 1978 Comp., § 55-9-809, enacted by Laws 2013, ch. 137, § 28. ANNOTATIONSEffective dates. — Laws 2013, ch. 137, § 20 made the provisions of Laws 2013, ch. 137 effective July 1, 2013.
NM Stat § 58-13C-101 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 13C - New Mexico Uniform Securities|Article 1 - General Provisions|Section 58-13C-101 - Short title.

Sections 101 through 701 [58-13C-101 to 58-13C-701 NMSA 1978] of this act may be cited as the "New Mexico Uniform Securities Act". History: Laws 2009, ch. 82, § 101. ANNOTATIONSEffective dates. — Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010. Cross references. — For disposition of unclaimed property, see 7-8A-30 NMSA 1978. For exemption of New Mexico business development corporation from Securities Act, see 53-7-40 NMSA 1978. For uniform jury instructions for securities offenses, see UJI 14-4301 NMRA. Cases under prior law. — The pre-2010 cases below were decided under the former New Mexico Securities Act of 1986, Chapter 58, Article 13B. Due to the similarities between the two laws, the case annotations have been retained and included as annotations to the New Mexico Uniform Securities Act. Purpose of Act. — The Securities Act, as a whole, has remedial purpose. It is comprehensive. Its extensive regulatory and administrative provisions are aimed at protecting investors against unfair, deceptive and fraudulent practices in the sale of securities. State v. Kirby, 2003-NMCA-074, 133 N.M. 782, 70 P.3d 772, cert. denied, 133 N.M. 727, 69 P.3d 237. Corporate stock sold to employees subject to registration. — Sales of corporate stock, either for cash or on credit, to employees of the issuing corporation, are subject to the registration provisions of this article. 1959 Op. Att'y Gen. No. 59-49. Law reviews. — For article, "A Survey of the Securities Act of New Mexico," see 2 N.M.L. Rev. 1 (1972). For article, "The Use (or Abuse) of the Limited Partnership in Financing Real Estate Ventures in New Mexico," see 3 N.M.L. Rev. 251 (1973). For comment, "Securities: Private Placements in New Mexico," see 7 N.M.L. Rev. 105 (1976-77). For note, "State Securities Law: A Valuable Tool for Regulating Investment Land Sales," see 7 N.M.L. Rev. 265 (1977). For case note, "The Paper Trail to Jail. State v. Sheets, 94 N.M. 356, 610 P.2d 760 (Ct. App.), cert. denied, 94 N.M. 675, 615 P.2d 992 (1980)," see 11 N.M.L. Rev. 254 (1981). Am. Jur. 2d, A.L.R. and C.J.S. references. — 69A Am. Jur. 2d Securities Regulation - State § 1 et seq. Commodities broker's state-law duties to customers, 55 A.L.R.4th 394. Construction and application of pre-emption exemption, under Employee Retirement Income Security Act (29 USCS §§ 1001 et seq.), for state laws regulating insurance, banking, or securities (29 USCS § 1144(b)(2)), 87 A.L.R. Fed. 797. Defense of ignorance of untruth or omission in civil action under § 12(2) of Securities Act of 1933 (15 USC § 771(2)), 109 A.L.R. Fed. 444. "Bespeaks caution" doctrine under federal securities laws, 130 A.L.R. Fed 119.