reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-2 - Definitions.

As used in the Pawnbrokers Act:
A. "pawnbroker" means a person engaged in the business of making pawn transactions;
B. "pawn service charge" means the sum of all charges, payable directly or indirectly by the pledgor and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction;
C. "pawnshop" means the location or premises at which a pawnbroker regularly conducts his business;
D. "pawn transaction" means either the act between a pawnbroker and a person pledging a good of lending money or extending credit on the security of pledged goods or of purchasing tangible personal property with an express or implied agreement or understanding that it may be redeemed or repurchased by the seller at a stipulated price;
E. "person" means an individual, partnership, corporation, joint venture, trust, association or any other legal entity however organized;
F. "pledged goods" means tangible personal property other than choses in action, securities or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his business in connection with the pawn transaction;
G. "local law enforcement agency" means the chief of police, his designee, or the police department if applicable to a municipality, or the county sheriff, his designee, or the county sheriff's department if applicable to a county; and
H. "local government" means a municipality or county.
History:
Laws 1985, ch. 228, § 2.
ANNOTATIONS
"Pawn service charge".
— A storage fee of $30, charged by pawnbroker at the beginning of each pawn transaction, was, in fact, a "pawn service charge" and was illegal because it exceeded the maximum set forth in this chapter.
Yazzie v. Ray Vicker's Special Cars, Inc.
, 12 F. Supp. 2d 1230 (D.N.M. 1998).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-3 - Purpose.

The purpose of the Pawnbrokers Act is to:
A. prevent frauds, unfair practices, discriminations against, impositions on or abuses of the citizens of New Mexico;
B. exercise the police power of the state to insure a sound system of making pawn transactions and acquiring and disposing of tangible personal property by and through pawnshops and to prevent unlawful pawn transactions, particularly in stolen property, through regulating pawnbrokers and certain persons employed by or in pawnshops;
C. ensure financial responsibility to the state and to the public;
D. ensure compliance with federal, state and local laws, rules, regulations and ordinances;
E. assist local governments in the exercise of their police power; and
F. to protect from exploitation, abuse or its own improvidence that segment of society in this state which relies from time to time for its need upon money or credit extended by pawnbrokers and given upon the security of native art, handicraft or movable personal possessions.
History:
Laws 1985, ch. 228, § 3.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-4 - Permits required; inspection fee; penalty.

A. In addition to any occupational or other license required by the local government, every pawnbroker shall obtain a pawnbroker permit from his local government, and that permit shall be conspicuously displayed in the pawnbroker's place of business. Said permit will expire on July 1 of each year and must be renewed by that date. Upon obtaining the permit, every pawnbroker shall register with the local law enforcement agency.
B. The local government may impose upon pawnbrokers a pawnbroker permit fee, in an amount to be set by the local government, to cover the expense of administration of the Pawnbrokers Act. No person who has been convicted of a felony shall be eligible for a permit.
C. Doing business as a pawnbroker without a permit constitutes a violation of this section and is subject to the general penalty provisions of the Pawnbrokers Act.
History:
Laws 1985, ch. 228, § 4.
ANNOTATIONS
Cross references.
— For general penalties,
see
56-12-15 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-5 - Administration; applicability of other laws.

A. The local government shall adopt such rules and regulations as necessary for the equitable administration of the Pawnbrokers Act.
B. Nothing in the Pawnbrokers Act shall be construed to prohibit a local government from enacting additional requirements governing pawnbrokers, not inconsistent with that act.
History:
Laws 1985, ch. 228, § 5.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-6 - Pawnbroker; bond required.

No person shall engage in business as a pawnbroker without having executed and delivered a bond to his local government in the sum of five thousand dollars ($5,000). The bond shall be in a form approved by the local government and shall be conditioned upon the conduct of the pawnbroker's business according to the provisions of the Pawnbrokers Act. The bond shall be for the benefit of each and every person damaged by a breach of any condition set forth in the bond. Every pawnbroker shall provide the local government with thirty days' notice in writing of the cancellation of the bond.
History:
Laws 1985, ch. 228, § 6.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-7 - Application for permit; requirements.

A. Each application for an original or a renewal permit shall be submitted in writing to the local government and contain such information as is required by the local government and be accompanied by the applicable permit fee amount.
B. Each application shall be accompanied by the name, social security number or individual taxpayer identification number, address and date of birth of each agent, servant and employee of the applicant engaged in the business of pawn transactions. Changes in such list shall be indicated on each renewal application.
C. Every pawnbroker shall furnish with each application for an original or renewal permit proof of execution and delivery of the bond to the local government.
History:
Laws 1985, ch. 228, § 7; 2021, ch. 70, § 1.
ANNOTATIONS
The 2021 amendment,
effective June 18, 2021, allowed submission of an individual taxpayer identification number as an alternative to a social security number in an application for an original or a renewal pawnbroker permit; and in Subsection B, after "social security number", added "or individual taxpayer identification number".
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-8 - Suspension or revocation of permit; notice; hearing.

A. The local government authority may institute proceedings for the suspension or revocation of any permit issued pursuant to the Pawnbrokers Act upon the filing of a written complaint by the local law enforcement agency, the designated representative of that local law enforcement agency or the attorney general, charging the permit holder or an employee thereof, of having violated any provision of the Pawnbrokers Act.
B. The local government authority shall serve written notice upon the permitholder of the alleged violation. The notice requirement is satisfied if personal service of the notice is had upon the holder of the permit or is posted in a conspicuous place upon the permitholder's place of business.
C. The local government authority shall set a date for hearing on the complaint not more than ten days, nor less than five days, after the date of notice unless waived by all parties thereto. The notice provided for in Subsection B of this section shall specify the date and time of the hearing.
D. The permitholder and any other interested person shall have the right to appear at this administrative hearing and to produce evidence. The rules of evidence shall not apply. If, after holding this hearing, the local government authority determines that the permitholder is in violation of the provisions of the Pawnbrokers Act as charged in the complaint, the local government authority shall issue a written order. The order may suspend the permit for a stated period of time or permanently revoke the permit. The local government authority shall cause such order to be served upon the permitholder and filed in the office of the clerk for public inspection within five business days after the hearing. Service of the order on the permitholder shall be as specified in Subsection B of this section, and the official serving the order shall have the authority to remove the permit from the premises and deliver that permit to the local government authority. This hearing shall be the final administrative remedy.
History:
Laws 1985, ch. 228, § 8.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-9 - Pawnbroker reports; records; delivery; violations.

A. Every pawnbroker shall each day accurately complete a report of all used property of every kind received or purchased in a pawn transaction during the preceding business day on a form approved by the local law enforcement agency. Either a driver's license or other photo identification card shall be required of each person entering into a pawn transaction with a pawnbroker. Each item received shall be listed on a separate report form. Said report shall include the following:
(1) name of item;
(2) description of the item including make and model number, if any;
(3) serial number and other identifying marks, if any;
(4) date, time and type of pawn transaction;
(5) name and address of person offering the item;
(6) description of the person offering the item including sex, complexion, hair color, approximate height and weight, and date of birth; and
(7) type of identification used by person offering item and identifying number of said identification. If the person presents a driver's license, the report shall also indicate the state of issuance.
B. All reports required by this section shall be completed accurately and be made available by 12 o'clock noon of the day following the day of the pawn transaction and shall be delivered or mailed to the local law enforcement agency within three days of the pawn transaction.
C. Property purchased directly from another permitholder regulated by the Pawnbrokers Act who has already reported the item pursuant to this section is exempt from the requirements of this section.
D. Persistent or frequent erroneous or incomplete entries in or delays in the submitting of the above required reports shall constitute a violation of this section and are subject to the general penalty provisions of the Pawnbrokers Act.
E. The reports and records of the permitholder required pursuant to this section, as well as every item received in pawn, shall be available for inspection by the local government authority, the attorney general, the local law enforcement agency or any sworn member of that law enforcement agency at all reasonable times.
F. Each item pledged to or purchased by the permitholder for which a report is required shall have attached to it a tag with an alphabetic or numerical identification system matching that item with its corresponding report and record.
History:
Laws 1985, ch. 228, § 9.
ANNOTATIONS
Cross references.
— For general penalties,
see
56-12-15 NMSA 1978.
Use of copy of driver's license.
— Pawnbroker's practice of attaching copy of driver's license to pawn ticket did not comply with the requirements of this chapter that the pawnbroker report pawned items to the police and include on the pawn ticket itself a complete description of the person pawning the item.
Yazzie v. Ray Vicker's Special Cars, Inc.
, 12 F. Supp. 2d 1230 (D.N.M. 1998).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-10 - Pawn ticket.

A. Every pawnbroker shall at the time of each pawn transaction deliver to the person pawning any good, a ticket signed by the pawnbroker containing the substance of the entry required to be made in his report pursuant to Section 9 [56-12-9 NMSA 1978] of the Pawnbrokers Act.
B. The holder of such ticket shall be presumed to be the person entitled to redeem the pledge and the pawnbroker shall deliver such article to the person so presenting such ticket on payment of principal and all lawful charges.
C. The pawn ticket required by this section shall further contain all disclosures of credit terms required to be disclosed to the pledgor by the federal Truth in Lending Act.
History:
Laws 1985, ch. 228, § 10.
ANNOTATIONS
Cross references.
— For the federal Truth in Lending Act,
see
15 U.S.C. § 1601 et seq.
Use of copy of driver's license.
— Pawnbroker's practice of attaching copy of driver's license to pawn ticket did not comply with the requirements of this chapter that the pawnbroker report pawned items to the police and include on the pawn ticket itself a complete description of the person pawning the item.
Yazzie v. Ray Vicker's Special Cars, Inc.
, 12 F. Supp. 2d 1230 (D.N.M. 1998).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-11 - Default; disposition of pledged property.

A. Except as otherwise specified in this section, upon default by the pledgor, the pawnbroker shall comply with the requirements of Chapter 55, Article 9 NMSA 1978 in the disposition of the pledged goods.
B. If there is a conflict between a specific provision of the Pawnbrokers Act and a more general provision of Chapter 55, Article 9 NMSA 1978, the more specific provision of the Pawnbrokers Act shall control.
C. Notwithstanding the provisions of Subsection A of this section, the pawnbroker shall not dispose of the pledged property, except by redemption, until at least ninety days after the indebtedness has become due.
D. Notwithstanding the provisions of Subsection A of this section, if the pawnbroker disposes of the pledged property by sale in the regular course of business, such sale shall conform to the requirements of Chapter 55, Article 9 NMSA 1978 and, if a surplus remains after sale of the pledged property, the pawnbroker shall make a record of the sale and the amount of the surplus and notify the pledgor by first class mail sent to the pledgor's last known address of the amount of the surplus and the pledgor's right to claim it at a specified location within ninety days of the date of mailing of the notice if the surplus is one hundred dollars ($100) or less or within twelve months of the date of mailing of the notice if the surplus is greater than one hundred dollars ($100). In the event that the first class mail addressed to any person is returned unclaimed to the pawnbroker, then the pawnbroker shall post and maintain on a conspicuous public part of the pawnbroker's premises an appropriately entitled list naming each such person. Ninety days or twelve months, as applicable, after the date of the mailing or posting, whichever is later, the pawnbroker may retain any surplus remaining unclaimed by the pledgor as the pawnbroker's own property.
History:
Laws 1985, ch. 228, § 11; 2009, ch. 187, § 1.
ANNOTATIONS
The 2009 amendment,
effective June 19, 2009, added Subsection B and in Subsection D, after "conform to the requirements of", deleted "Section 55-9-504" and added "Chapter 55, Article 9".
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-12 - Record of disposition of pledged property.

Every pawnbroker shall keep a permanent record, fully itemized, of all pledged property disposed of following default by the pledgor. The record shall include the following:
A. the number of the pawn transaction;
B. the name and address of the pledgor;
C. the date of the pawn transaction and the date of the last payment received as service charge or on principal;
D. the date of disposition of the pledged property pursuant to Section 11 [56-12-11 NMSA 1978] of the Pawnbrokers Act;
E. the method of disposition of the pledged property; and
F. the amount and disposition of any surplus following disposition of the pledged property.
History:
Laws 1985, ch. 228, § 12.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-13 - Pawn service charge.

A. For the first thirty-day period of the pawn transaction, a pawnbroker may charge seven dollars fifty cents ($7.50) or ten percent of the amount loaned, whichever is greater, provided that such charge shall not be made on the refinancing of an existing loan or credit transaction. A loan or extension of credit shall be considered to be refinancing of an existing loan if any part of the proceeds of the subsequent loan is applied toward the payment of a prior loan with the same pawnbroker.
B. For the remaining period of the pawn transaction, including any refinancing, no pawnbroker shall charge directly, indirectly or by any subterfuge a pawn service charge in connection with any pawn transaction at a rate in excess of four percent per month on the unpaid principal balance of the loan or extension of credit.
C. The foregoing pawn service charges are limiting maximums and nothing herein shall be construed to prohibit a pawnbroker from contracting for or receiving a lesser rate than here established.
History:
Laws 1985, ch. 228, § 13.
ANNOTATIONS
Storage fee.
— A storage fee of $30, charged by pawnbroker at the beginning of each pawn transaction, was, in fact, a "pawn service charge" and was illegal because it exceeded the maximum set forth in this section.
Yazzie v. Ray Vicker's Special Cars, Inc.
, 12 F. Supp. 2d 1230 (D.N.M. 1998).
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-14 - Prohibited practices.

A pawnbroker shall not:
A. knowingly enter into a pawn transaction with a person under the age of eighteen years or under the influence of alcohol, any narcotic, drug, stimulant or depressant;
B. make any agreement requiring the personal liability of a pledgor in connection with the pawn transaction;
C. accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under the Pawnbrokers Act;
D. fail to exercise reasonable care to protect pledged goods from loss or damage;
E. fail to return a pledged good to a pledgor upon payment of the full amount due to the pawnbroker on the pawn transaction. In the event a pledged good is lost or damaged while in the possession of the pawnbroker, the pawnbroker shall compensate the pledgor for the reasonable value of the lost or damaged good;
F. make any charge for insurance in connection with a pawn transaction;
G. purchase or otherwise receive any item of property from which the manufacturer's name plate, serial number or identification mark has been obviously defaced, altered, covered or destroyed;
H. purchase or otherwise receive any item of property which the permitholder knows is not lawfully owned by the person offering the same;
I. enter into a pawn transaction in which the unpaid principle [principal] balance exceeds two thousand dollars ($2,000); or
J. require that any of the proceeds of any cash loan be spent at the pawnbroker's place of business or in any other manner directed by the pawnbroker.
History:
Laws 1985, ch. 228, § 14.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-15 - General penalties.

Any permitholder who is found guilty of a violation of any provision of the Pawnbrokers Act shall be guilty of a petty misdemeanor. Any permitholder who violates any provision of the Pawnbrokers Act shall be subject to having his permit revoked or suspended by the local government pursuant to the provisions of Section 8 [56-12-8 NMSA 1978] of the Pawnbrokers Act. Revocation or suspension of such permit will not bar prosecution of the permitholder under the penal provisions of the Pawnbrokers Act. Criminal prosecution will not bar proceedings to revoke or suspend the holder's permit.
History:
Laws 1985, ch. 228, § 15.
ANNOTATIONS
Cross references.
— For sentencing for misdemeanors,
see
31-19-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 12 - Pawnbrokers › Section 56-12-16 - Forfeiture.

The violation of any provision of the Pawnbrokers Act in any covered transaction shall be deemed a forfeiture of the entire amount of the pawn service charge contracted for or allowable under the transaction. In the event a pawn service charge in excess of the amounts allowable under the Pawnbrokers Act has been paid in any covered transaction, the person by whom it has been paid, or has [his] legal representative, may recover back by civil action triple the amount of service charge paid. Any civil action under this section shall be commenced within two years from the date the usurious transaction was consummated.
History:
Laws 1985, ch. 228, § 16.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-1 - Short title.

Sections 1 through 14 [56-13-1 to 56-13-14 NMSA 1978] of this act may be cited as the "Farm Products Secured Interest Act".
History:
Laws 1987, ch. 177, § 1.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references.
— For secured transactions under the Uniform Commercial Code,
see
Chapter 55, Article 9 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-2 - Legislative purpose.

It is the intent of the legislature to adopt a central filing system for security interests relating to farm products pursuant to Section 1324 of the Food Security Act of 1985, Public Law 99-198. It is also the intent of the legislature that upon the adoption of the central filing system, security interest holders be encouraged to use such system in lieu of any other notice provided by Section 1324 of the Food Security Act of 1985 for farm products used or produced in New Mexico which are included in the central filing system.
History:
Laws 1987, ch. 177, § 2.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references.
— For Section 1324 of the federal Food Security Act of 1985,
see
7 U.S.C. § 1631.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-5 - Certification of system.

The secretary of state shall apply to the secretary of the United States department of agriculture for certification of the central filing system provided by the Farm Products Secured Interest Act.
History:
Laws 1987, ch. 177, § 5.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-6 - Filing.

A. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing of an effective financing statement, an amendment, a continuation statement or a termination statement shall be eleven dollars and fifty cents ($11.50).
B. The fees set forth in Subsection A of this section shall apply to filing of all instruments on paper of a size as prescribed by the secretary of state. For instruments filed on paper of any other size, there shall be added to the original fee for filing the sum of three dollars ($3.00). The fee for attachments to all instruments submitted for filing shall be fifty cents ($.50) per page.
History:
Laws 1987, ch. 177, § 6.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references.
— For filing of financing statement under the Uniform Commercial Code,
see
55-9-501 to 55-9-508 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-7 - Continuation statement.

A continuation statement may be filed by the secured party within six months prior to the expiration of the five-year period specified in Paragraph (6) of Subsection E of Section 56-13-3 NMSA 1978. Any such continuation statement shall be signed by the secured party, shall identify the original statement by file number and shall state that the original statement is still effective. Upon timely filing of the continuation statement, the effectiveness of the original statement shall be continued for five years after the last date to which the filing was effective, whereupon it shall lapse unless another continuation statement is filed prior to such lapse. If an effective financing statement exists at the time insolvency proceedings are commenced by or against the debtor, the effective financing statement shall remain effective until termination of the insolvency proceedings and thereafter for a period of sixty days or until the expiration of the five-year period, whichever occurs later. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the original statement.
History:
Laws 1987, ch. 177, § 7; 1999, ch. 99, § 1.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
The 1999 amendment,
effective July 1, 1999, updated a statutory reference in the first sentence and deleted "and the debtor" following "secured party" in the second sentence.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-8 - Lapse or waiver.

A. Whenever there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party shall notify the debtor in writing of his right to have a notice of lapse of his effective financing statement filed which shall lead to the removal of his name from the files and lists compiled by the secretary of state. In lieu of such notice, the secured party may acquire a waiver of the debtor of such right and a request by the debtor that his effective financing statement be retained on file. Such notice may be given or waiver acquired by the secured party at any time prior to the time specified in this subsection for giving the notice.
B. If the secured party does not furnish the notice or obtain the waiver specified in Subsection A of this section, the secured party shall, within ten days of final payment of all secured obligations, provide the debtor with a written notification of the debtor's right to have a notice of lapse filed. The secured party shall on written demand by the debtor send the debtor a notice of lapse to the effect that he no longer claims a security interest by file number. The notice of lapse need only be signed by the secured party.
C. If the affected secured party fails to send a notice of lapse within ten days after proper demand pursuant to Subsection B of this section, such secured party shall be liable to the debtor for five hundred dollars ($500) in addition for any loss caused to the debtor by such failure.
D. On presentation to the secretary of state of a notice of lapse, the secretary of state shall treat it as a termination statement and note it in the index. The secretary of state shall return one copy of the notice of lapse to the filing party stamped to show the time of receipt thereof.
History:
Laws 1987, ch. 177, § 8.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-9 - Oral and written inquiries.

A. Oral and written inquiries regarding information provided by the filing of effective financing statements may be made at the office of the secretary of state during regular business hours. The fee for furnishing file information in writing shall be fifteen dollars ($15.00) for each debtor name searched by the secretary of state. Written confirmation of an oral or written inquiry shall be mailed no later than the end of the next business day after the inquiry is received.
B. The secretary of state shall provide a system that assigns an identifying number to each inquiry made pursuant to Subsection A of this section. Such number shall be given to the inquiring party at the time of the oral response and shall be included in the written confirmation. The secretary of state shall maintain a record of inquiries made under this section which shall identify who made the inquiry, on whom the inquiry was made and the date of the inquiry.
C. The secretary of state may provide for a computerized system for inquiry and confirmation which may be used in lieu of the inquiry and confirmation under Subsection A of this section. When such a system is implemented and used, it shall have the same effect as an inquiry and confirmation under Subsection A of this section.
History:
Laws 1987, ch. 177, § 9.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-10 - Seller disclosure.

In order to verify the existence or the nonexistence of a security interest, a buyer in the ordinary course of business, commission merchant or selling agent may request a seller to disclose such seller's social security number or, in the case of a seller doing business other than as an individual, the internal revenue service taxpayer identification number of such seller.
History:
Laws 1987, ch. 177, § 10.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-11 - Adoption of rules and regulations.

The secretary of state shall adopt and promulgate rules and regulations necessary to implement the Farm Products Secured Interest Act. If necessary to obtain federal certification of the central filing system, additional or alternative requirements made in conformity with Section 1324 of the Food Security Act of 1985 may be imposed by the secretary of state by rule and regulation. The secretary of state shall prescribe all forms to be used for filing effective financing statements and subsequent actions.
History:
Laws 1987, ch. 177, § 11.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references.
— For Section 1324 of the federal Food Security Act of 1985,
see
7 U.S.C. § 1631.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-12 - Receipt of notice.

For purposes of Section 1324 of the Food Security Act of 1985, Public Law 99-198, "receipt of written notice" means the date the notice is actually received by a buyer in the ordinary course of business or the first date upon which delivery is attempted by a carrier. A buyer in the ordinary course of business shall act in good faith. In all cases a buyer in the ordinary course of business shall be presumed to have received the notice ten days after it was mailed.
History:
Laws 1987, ch. 177, § 12.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references.
— For Section 1324 of the federal Food Security Act of 1985,
see
7 U.S.C. § 1631.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-13 - Rights of buyer in the ordinary course of business.

A. A buyer in the ordinary course of business, in buying farm products covered by the central filing system, shall take subject to the security interest identified under such system, except that a registrant or a buyer in the ordinary course of business making an inquiry under Section 9 [56-13-9 NMSA 1978] of the Farm Products Secured Interest Act shall not take subject to the security interest if the central filing system does not correctly identify the debtor.
B. A buyer in the ordinary course of business buying farm products covered by an effective financing statement takes free of any security interest on such products if such buyer secures a waiver or release of the security interest specified in such effective financing statement from the secured party. If a buyer in the ordinary course of business buying farm products covered by the central filing system tenders to the seller the total purchase price by means of a check or other instrument payable to such seller and each security interest holder of the seller identified in the central filing system for such products and if such security interest holder authorizes the negotiation of such check or other instrument, such authorization or endorsement and payment thereof shall constitute a waiver or release of the security interest specified to the extent of the amount of the instrument. Such waiver or release of the security interest shall not serve to establish or alter in any way security interest or lien priorities under law.
History:
Laws 1987, ch. 177, § 13.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 13 - Farm Products Secured Interests › Section 56-13-14 - Liability of secretary of state waived.

The secretary of state shall not be liable to any party for the authenticity of the information provided in an effective financing statement.
History:
Laws 1987, ch. 177, § 14.
ANNOTATIONS
Compiler's notes.
— Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Effective dates.
— Laws 1987, ch. 177, § 16 made Laws 1987, ch. 177, § 14 effective January 1, 1988.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 14 - Worthless Checks › Section 56-14-1 - Civil action; damages.

A. In any civil action against a person for drawing any worthless check, the plaintiff may recover from the defendant damages in the amount equal to one hundred dollars ($100) or triple the amount for which the check is drawn, whichever is greater; provided that damages recovered under this section shall not exceed the amount of the check by more than five hundred dollars ($500) and may be awarded only if:
(1) the plaintiff made written demand of the defendant for payment of the amount of the check not less than ten days before commencing action; and
(2) the defendant failed to tender to the plaintiff prior to the commencement of the action an amount of money not less than the amount demanded.
B. The written demand by the plaintiff shall include notice that if the money is not paid within ten days, triple damages may be incurred by the defendant. The plaintiff shall provide the defendant written notice of demand for payment by certified mail at the last known address of the defendant with a request for a return receipt and marked "deliver to addressee only".
C. Subsequent to the commencement of the civil action but prior to the hearing, the defendant may tender to the plaintiff as satisfaction of the claim, an amount of money equal to the sum of the amount of the check and the incurred court and service costs.
D. If the court or jury determines that the failure of the defendant to satisfy the worthless check was due to economic hardship resulting from an inevitable accident or act of God, the court or jury may waive all or part of the statutory damages; provided the court or jury shall render judgment against the defendant for not less than the amount of the worthless check plus incurred court and service costs.
E. As used in this section:
(1) "draw" means making, drawing, uttering or delivering a worthless check;
(2) "thing of value" includes money, property, services, goods, wares and lodging; and
(3) "worthless check" means a check, draft or order for payment drawn upon any bank or other depository and issued in exchange for anything of value with intent to defraud when the drawer knows at the time of the issuing that there are insufficient funds in or credit with the bank or depository for the payment of the check, draft or order in full upon presentation; but does not mean any check where the payee or holder knows or has been expressly notified prior to the drawing of the check, draft or order for payment or has reason to believe that the drawer did not have on deposit or to his credit with the drawee sufficient funds to insure payment on its presentation nor does it mean any postdated check.
History:
Laws 1987, ch. 14, § 1.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 15 - Uniform Assignment of Rents › Section 56-15-1 - Short title.

This act [56-15-1 to 56-19-19 NMSA 1978] may be cited as the "Uniform Assignment of Rents Act".
History:
Laws 2011, ch. 141, § 1.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 15 - Uniform Assignment of Rents › Section 56-15-3 - Manner of giving notification.

A. Except as otherwise provided in Subsections C and D of this section, a person gives a notification or a copy of a notification pursuant to the Uniform Assignment of Rents Act:
(1) by depositing it with the United States postal service or with a commercially reasonable delivery service, properly addressed to the intended recipient's address as specified in Subsection B of this section, with first-class postage or cost of delivery provided; or
(2) if the recipient agreed to receive notification by facsimile transmission, electronic mail or other electronic transmission, by sending it to the recipient in the agreed manner at the address specified in the agreement.
B. The following rules determine the proper address for giving a notification pursuant to Subsection A of this section:
(1) a person giving a notification to an assignee shall use the address for notices to the assignee provided in the document creating the assignment of rents, but, if the assignee has provided the person giving the notification with a more recent address for notices, the person giving the notification shall use that address;
(2) a person giving a notification to an assignor shall use the address for notices to the assignor provided in the document creating the assignment of rents, but, if the assignor has provided the person giving the notification with a more recent address for notices, the person giving the notification shall use that address; and
(3) if a tenant's agreement with an assignor provides an address for notices to the tenant and the person giving notification has received a copy of the agreement or knows the address for notices specified in the agreement, the person giving the notification shall use that address in giving a notification to the tenant. Otherwise, the person shall use the address of the premises covered by the agreement.
C. If a person giving a notification pursuant to the Uniform Assignment of Rents Act and the recipient have agreed to the method for giving a notification, any notification shall be given by that method.
D. If a notification is received by the recipient, it is effective even if it was not given in accordance with Subsection A or C of this section.
History:
Laws 2011, ch. 141, § 3.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 15 - Uniform Assignment of Rents › Section 56-15-4 - Security instrument creates 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.
History:
Laws 2011, ch. 141, § 4.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 15 - Uniform Assignment of Rents › Section 56-15-5 - Recordation; perfection of security interest in rents; priority of conflicting interests in rents.

A. A document creating an assignment of rents may be submitted for recording in the office of the county clerk in the same manner as any other document evidencing a conveyance of an interest in real property.
B. Upon recording, the security interest in rents created by an assignment of rents is fully perfected, even if a provision of the document creating the assignment or law of New Mexico other than the Uniform Assignment of Rents Act would preclude or defer enforcement of the security interest until the occurrence of a subsequent event, including a subsequent default of the assignor, the assignee's obtaining possession of the real property or the appointment of a receiver.
C. Except as otherwise provided in Subsection D of this section, a perfected security interest in rents takes priority over the rights of a person that, after the security interest is perfected:
(1) acquires a judicial lien against the rents or the real property from which the rents arise; or
(2) purchases an interest in the rents or the real property from which the rents arise.
D. A perfected security interest in rents has priority over the rights of a person described in Subsection C of this section with respect to future advances to the same extent as the assignee's security interest in the real property has priority over the rights of that person with respect to future advances.
History:
Laws 2011, ch. 141, § 5.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 15 - Uniform Assignment of Rents › Section 56-15-6 - Enforcement of security interest in rents.

A. An assignee may enforce an assignment of rents using one or more of the methods specified in Sections 7, 8 and 9 [56-15-7, 56-15-8 and 56-15-9 NMSA 1978] of the Uniform Assignment of Rents Act or any other method sufficient to enforce the assignment pursuant to any law of New Mexico other than that act.
B. From the date of enforcement, the assignee or, in the case of enforcement by appointment of a receiver pursuant to Section 7 of the Uniform Assignment of Rents Act, the receiver is entitled to collect all rents that:
(1) have accrued but remain unpaid on that date; and
(2) accrue on or after that date, as those rents accrue.
History:
Laws 2011, ch. 141, § 6.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 141, § 20 made §§ 1 through 19, the Uniform Assignment of Rents Act, effective January 1, 2012.