2023 New Mexico Statutes › Chapter 55 - Uniform Commercial Code › Article 9 - Secured Transactions › Part 3 - PERFECTION AND PRIORITY › Subpart 2 - PERFECTION › Section 55-9-312 - Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. (Effective January 1, 2024.)

(a) A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property or negotiable documents may be perfected by filing.
(b) Except as otherwise provided in Subsections (c) and (d) of Section 55-9-315 NMSA 1978 for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section 55-9-314 NMSA 1978;
(2) and except as otherwise provided in Subsection (d) of Section 55-9-308 NMSA 1978, a security interest in a letter-of-credit right may be perfected only by control under Section 55-9-314 NMSA 1978;
(3) a security interest in tangible money may be perfected only by the secured party's taking possession under Section 55-9-313 NMSA 1978; and
(4) a security interest in electronic money may be perfected only by control under Section 55-9-314 NMSA 1978.
(c) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting a security interest in the document; and
(2) a security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
(d) While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:
(1) issuance of a document in the name of the secured party;
(2) the bailee's receipt of notification of the secured party's interest; or
(3) filing as to the goods.
(e) A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of twenty days from the time it attaches to the extent that it arises for new value given under a signed security agreement.
(f) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
(1) ultimate sale or exchange; or
(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange.
(g) A perfected security interest in a certificated security or instrument remains perfected for twenty days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal or registration of transfer.
(h) After the twenty-day period specified in Subsection (e), (f) or (g) of this section expires, perfection depends upon compliance with Chapter 55, Article 9 NMSA 1978.
History:
1978 Comp., § 55-9-312, enacted by Laws 2001, ch. 139, § 32; 2005, ch. 144, § 102; 2023, ch. 142, § 62.
ANNOTATIONS
The 2023 amendment,
effective January 1, 2024, added "controllable accounts," "controllable electronic records" and "controllable payment intangibles" to existing provisions related to perfecting security interests, provided that a security interest in electronic money may be perfected only by control under Section 55-9-314 NMSA 1978; in the section heading, added "controllable accounts, controllable electronic records, controllable payment intangibles"; in Subsection (a), after "chattel paper", deleted "negotiable documents" and added "controllable accounts, controllable electronic records, controllable payment intangibles"; added Paragraph (b)(4); and in Subsection (e), after "given under", deleted "an authenticated" and added "a signed".