New Mexico Statutes 42-10-6. Personal property used as a security under the Uniform
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Commercial Code is not exempt.
Terms Used In New Mexico Statutes 42-10-6
- Personal property: All property that is not real property.
- 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
A secured creditor who has personal property of the debtor as security as provided by the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55] may proceed according to the terms of the security instrument and the Uniform Commercial Code. The debtor cannot exempt personal property given to a secured creditor as security unless there be more property than is necessary to pay the debt to the secured creditor. The debtor may claim an exemption out of the surplus.