New Mexico Statutes 55-12A-306. Priority of claims when priority rules of Article 9 of the
Uniform Commercial Code do not apply. (Effective January 1, 2024.) (a) Subject to Subsections (b) and (c) of this section, Article 12 of the Uniform Commercial Code determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9 of the Uniform Commercial Code as amended by this 2023 act do not apply.
Terms Used In New Mexico Statutes 55-12A-306
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(b) Subject to Subsection (c) of this section, when the priority rules of Article 9 of the Uniform Commercial Code as amended by this 2023 act do not apply and the priorities of claims to Article 12 property were established before January 1, 2024, law other than Article 12 of the Uniform Commercial Code determines priority.
(c) When the priority rules of Article 9 of the Uniform Commercial Code as amended by this 2023 act do not apply, to the extent the priorities determined by this 2023 act modify the priorities established before January 1, 2024, the priorities of claims to Article 12 property established before January 1, 2024 cease to apply on the adjustment date.