reglab/housing_qa huggingface dataset:
NM Stat § 55-9-209 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT|Subpart 2 - RIGHTS AND DUTIES|Section 55-9-209 - Duties of secured party if account debtor has been notified of assignment.

(a) Except as otherwise provided in Subsection (c) of this section, this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations or otherwise give value. (b) Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under Subsection (a) of Section 55-9-406 NMSA 1978 an authenticated record that releases the account debtor from any further obligation to the secured party. (c) This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible. History: 1978 Comp., § 55-9-209, enacted by Laws 2001, ch. 139, § 19. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Scope and Purpose. Like sections 9-208 and 9-513, which require a secured party to relinquish control of collateral and to file or provide a termination statement for a financing statement, this section requires a secured party to free up collateral when there no longer is any outstanding secured obligation or any commitment to give value in the future. This section addresses the case in which account debtors have been notified to pay a secured party to whom the receivables have been assigned. It requires the secured party (assignee) to inform the account debtors that they no longer are obligated to make payment to the secured party. See subsection (b). It does not apply to account debtors whose obligations on an account, chattel paper, or payment intangible have been sold. See subsection (c). Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-302 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 1 - LAW GOVERNING PERFECTION ANDPRIORITY|Section 55-9-302 - Law governing perfection and priority of agricultural liens.

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. History: 1978 Comp., § 55-9-302, enacted by Laws 2001, ch. 139, § 22. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Agricultural Liens. This section provides choice-of-law rules for agricultural liens on farm products. Perfection, the effect of perfection or nonperfection, and priority all are governed by the law of the jurisdiction in which the farm products are located. Other choice-of-law rules, including Section 1-301 [55-1-301 NMSA 1978], determine which jurisdiction's law governs other matters, such as the secured party's rights on default. See Section 9-301 [55-9-301 NMSA 1978], Comment 2. Inasmuch as no agricultural lien on proceeds arises under this Article, this section does not expressly apply to proceeds of agricultural liens. However, if another statute creates an agricultural lien on proceeds, it may be appropriate for courts to apply the choice-of-law rule in this section to determine priority in the proceeds. Cross references. — For Farm Products Secured Interest Act, see 56-13-1 NMSA 1958. Repeals and reenactments. — Laws 2001, ch. 139, § 22 repealed former 55-9-302 NMSA 1978, as amended by Laws 1996, ch. 47, § 63, and enacted a new section, effective July 1, 2001.
NM Stat § 55-9-321 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 3 - PRIORITY|Section 55-9-321 - Licensee of general intangible and lessee of goods in ordinary course of business.

(a) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices. (b) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. (c) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. History: 1978 Comp., § 55-9-321, enacted by Laws 2001, ch. 139, § 41. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Derived from sections 2A-103(1)(o) and 2A-307(3). 2. Licensee in Ordinary Course. Like the analogous rules in section 9-320(a) with respect to buyers in ordinary course and subsection (c) with respect to lessees in ordinary course, the new rule in subsection (b) reflects the expectations of the parties and the marketplace: A licensee under a nonexclusive license takes subject to a security interest unless the secured party authorizes the license free of the security interest or other, controlling law such as that of this section (protecting ordinary-course licensees) dictates a contrary result. See sections 9-201 and 9-315. The definition of "licensee in ordinary course of business" in subsection (a) is modeled upon that of "buyer in ordinary course of business." 3. Lessee in Ordinary Course. Subsection (c) contains the rule formerly found in section 2A-307(3). The rule works in the same way as that of section 9-320(a). Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-333 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 3 - PRIORITY|Section 55-9-333 - Priority of certain liens arising by operation of law.

(a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business; (2) that is created by statute or rule of law in favor of the person; and (3) whose effectiveness depends on the person's possession of the goods. (b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. History: 1978 Comp., § 55-9-333, enacted by Laws 2001, ch. 139, § 53. 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 9-310. 2. "Possessory Liens." This section governs the relative priority of security interests arising under this article and "possessory liens," i.e., common-law and statutory liens whose effectiveness depends on the lienor's possession of goods with respect to which the lienor provided services or furnished materials in the ordinary course of its business. As under former section 9-310, the possessory lien has priority over a security interest unless the possessory lien is created by a statute that expressly provides otherwise. If the statute creating the possessory lien is silent as to its priority relative to a security interest, this section provides a rule of interpretation that the possessory lien takes priority, even if the statute has been construed judicially to make the possessory lien subordinate. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001. Cross references. — For liens on personal property, see Chapter 48, Article 3 NMSA 1978. Law reviews. — For article, "The Warehouseman vs. the Secured Party: Who Prevails When the Warehouseman's Lien Covers Goods Subject to a Security Interest?" see 8 Nat. Resources J. 331 (1968). Am. Jur. 2d, A.L.R. and C.J.S. references. — Lien for repairs to or services in connection with automobile, 62 A.L.R. 1485. Priority of statutory lien for storage or repairs as against rights of purchasers, attaching creditors or trustees in bankruptcy which arose while car was in possession of owner after accrual of storage or completion of repairs, 100 A.L.R. 80. Priority as between lien for repairs and the like, and right of seller under conditional sales contract, 36 A.L.R.2d 198. Priority as between artisan's lien and chattel mortgage, 36 A.L.R.2d 229. Lien for storage of motor vehicle, 48 A.L.R.2d 894, 85 A.L.R.3d 199. Priority as between mechanic's lien and purchase money mortgage, 73 A.L.R.2d 1407.
NM Stat § 55-9-337 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 3 - PRIORITY|Section 55-9-337 - Priority of security interests in goods covered by certificate of title.

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: (1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and (2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under Subsection (b) of Section 55-9-311 NMSA 1978, after issuance of the certificate and without the conflicting secured party's knowledge of the security interest. History: 1978 Comp., § 55-9-337, enacted by Laws 2001, ch. 139, § 57. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Derived from former section 9-103(2)(d). 2. Protection for Buyers and Secured Parties. This section affords protection to certain good-faith purchasers for value who are likely to have relied on a "clean" certificate of title, i.e., one that neither shows that the goods are subject to a particular security interest nor contains a statement that they may be subject to security interests not shown on the certificate. Under this section, a buyer can take free of, and the holder of a conflicting security interest can acquire priority over, a security interest that is perfected by any method under the law of another jurisdiction. The fact that the security interest has been reperfected by possession under section 9-313 does not of itself disqualify the holder of a conflicting security interest from protection under paragraph (2). Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-339 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 3 - PRIORITY|Section 55-9-339 - Priority subject to subordination.

Chapter 55, Article 9 NMSA 1978 does not preclude subordination by agreement by a person entitled to priority. History: 1978 Comp., § 55-9-339, enacted by Laws 2001, ch. 139, § 59. 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 9-316. 2. Subordination by Agreement. The preceding sections deal elaborately with questions of priority. This section makes it entirely clear that a person entitled to priority may effectively agree to subordinate its claim. Only the person entitled to priority may make such an agreement: A person's rights cannot be adversely affected by an agreement to which the person is not a party. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001. Decisions under former 55-9-316 NMSA 1978. — In light of the similarity of this section and former Section 55-9-316 NMSA 1978, annotations decided under former 55-9-316 NMSA 1978 have been included in the annotations in this section. A subordination agreement by implication is not recognized; it must be expressed. Western Bank v. Matherly, 1987-NMSC-052, 106 N.M. 31, 738 P.2d 903 (decided under former law).
NM Stat § 55-9-340 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 4 - RIGHTS OF BANK|Section 55-9-340 - Effectiveness of right of recoupment or set-off against deposit account.

(a) Except as otherwise provided in Subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Except as otherwise provided in Subsection (c) of this section, the application of Chapter 55, Article 9 NMSA 1978 to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party. (c) The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under Paragraph (3) of Subsection (a) of Section 55-9-104 NMSA 1978, if the set-off is based on a claim against the debtor. History: 1978 Comp., § 55-9-340, enacted by Laws 2001, ch. 139, § 60. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New; subsection (b) is based on a nonuniform Illinois amendment. 2. Set-off vs. Security Interest. This section resolves the conflict between a security interest in a deposit account and the bank's rights of recoupment and set-off. Subsection (a) states the general rule and provides that the bank may effectively exercise rights of recoupment and set-off against the secured party. Subsection (c) contains an exception: If the secured party has control under section 9-104(a)(3) (i.e., if it has become the bank's customer), then any set-off exercised by the bank against a debt owed by the debtor (as opposed to a debt owed to the bank by the secured party) is ineffective. The bank may, however, exercise its recoupment rights effectively. This result is consistent with the priority rule in section 9-327(4), under which the security interest of a bank in a deposit account is subordinate to that of a secured party who has control under section 9-104(a)(3). This section deals with rights of set-off and recoupment that a bank may have under other law. It does not create a right of set-off or recoupment, nor is it intended to override any limitations or restrictions that other law imposes on the exercise of those rights. 3. Preservation of Set-Off Right. Subsection (b) makes clear that a bank may hold both a right of set-off against, and an article 9 security interest in, the same deposit account. By holding a security interest in a deposit account, a bank does not impair any right of set-off it would otherwise enjoy. This subsection does not pertain to accounts evidenced by an instrument (e.g., certain certificates of deposit), which are excluded from the definition of "deposit accounts." Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-342 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 3 - PERFECTION AND PRIORITY|Subpart 4 - RIGHTS OF BANK|Section 55-9-342 - Bank's right to refuse to enter into or disclose existence of control agreement.

Chapter 55, Article 9 NMSA 1978 does not require a bank to enter into an agreement of the kind described in Paragraph (2) of Subsection (a) of Section 55-9-104 NMSA 1978, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. History: 1978 Comp., § 55-9-342, enacted by Laws 2001, ch. 139, § 62. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New; derived from section 8-106(g). 2. Protection for Bank. This section protects banks from the need to enter into agreements against their will and from the need to respond to inquiries from persons other than their customers. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-517 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 5 - FILING|Subpart 1 - FILING OFFICE; CONTENTS ANDEFFECTIVENESS OF FINANCING STATEMENT|Section 55-9-517 - Effect of indexing errors.

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. History: 1978 Comp., § 55-9-517, enacted by Laws 2001, ch. 139, § 88. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Effectiveness of Mis-Indexed Records. This section provides that the filing office's error in mis-indexing a record does not render ineffective an otherwise effective record. As did former section 9-401, this section imposes the risk of filing-office error on those who search the files rather than on those who file. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-522 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 5 - FILING|Subpart 2 - DUTIES AND OPERATION OF FILINGOFFICE|Section 55-9-522 - Maintenance and destruction of records.

(a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under Section 55-9-515 NMSA 1978 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates. (b) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with Subsection (a) of this section. History: 1978 Comp., § 55-9-522, enacted by Laws 2001, ch. 139, § 93. 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 9-403(3), revised substantially. 2. Maintenance of Records. Section 9-523 requires the filing office to provide information concerning certain lapsed financing statements. Accordingly, subsection (a) requires the filing office to maintain a record of the information in a financing statement for at least one year after lapse. During that time, the filing office may not delete any information with respect to a filed financing statement; it may only add information. This approach relieves the filing office from any duty to determine whether to substitute or delete information upon receipt of an amendment. It also assures searchers that they will receive all information with respect to financing statements filed against a debtor and thereby be able themselves to determine the state of the public record. The filing office may maintain this information in any medium. Subsection (b) permits the filing office immediately to destroy written records evidencing a financing statement, provided that the filing office maintains another record of the information contained in the financing statement as required by subsection (a). Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-524 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 5 - FILING|Subpart 2 - DUTIES AND OPERATION OF FILINGOFFICE|Section 55-9-524 - Delay by secretary of state.

Delay by the secretary of state beyond the time limits prescribed in Section 55-9-519 NMSA 1978 and Section 55-9-523 NMSA 1978 is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, lack of appropriations or other circumstances beyond control of the secretary of state; and (2) the secretary of state exercises reasonable diligence under the circumstances. History: 1978 Comp., § 55-9-524, enacted by Laws 2001, ch. 139, § 95. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Source. New; derived from section 4-109. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.