New Mexico Statutes 55-9-507. Effect of certain events on effectiveness of financing statement
(a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or
Terms Used In New Mexico Statutes 55-9-507
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Lien: A claim against real or personal property in satisfaction of a debt.
agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b) Except as otherwise provided in Subsection (c) of this section and Section 55-9- 508 NMSA 1978, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Section 55-9-506 N.M. Stat. Ann..
(c) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under Subsection (a) of Section 55-9-503 N.M. Stat. Ann. such that the financing statement becomes seriously misleading under Section 55- 9-506 NMSA 1978:
(1) the financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement that renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading.