(a) Except as otherwise provided in Subsections (c) and (d) of this section, N.M. Stat. Ann. Chapter 55, Article 9 applies to:

Terms Used In New Mexico Statutes 55-9-109

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.

(1)     a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

(2)     an agricultural lien;

notes;

(3)     a sale of accounts, chattel paper, payment intangibles or promissory (4)     a consignment;

(5)     a security interest arising under Section 55-2-401, 55-2-505, Subsection (3) of Section 55-2-711 or Subsection (5) of Section 55-2A-508 N.M. Stat. Ann., as provided in Section 55-9-110 N.M. Stat. Ann.; and

1978.

(6)     a security interest arising under Section 55-4-210 or 55-5-118 NMSA (b) The application of N.M. Stat. Ann. Chapter 55, Article 9 to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this article does not apply.

(c) N.M. Stat. Ann. Chapter 55, Article 9 does not apply to the extent that:

(1)     a statute, regulation or treaty of the United States preempts the article;

(2)     another statute of this state expressly governs the creation, perfection, priority or enforcement of a security interest created by this state or a governmental unit of this state;

(3)     a statute of another state, a foreign country or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority or enforcement of a security interest created by the state, country or governmental unit; or

(4)     the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under Section 55-5-114 N.M. Stat. Ann..

(d) N.M. Stat. Ann. Chapter 55, Article 9 does not apply to: (1)     a landlord’s lien, other than an agricultural lien;

(2)     a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but Section 55-9-333 N.M. Stat. Ann. applies with respect to priority of the lien;

(3)     an assignment of a claim for wages, salary or other compensation of an employee;

(4)     a sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose;

(5)     an assignment of accounts, chattel paper, payment intangibles or promissory notes which is for the purpose of collection only;

(6)     an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

(7)     an assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

(8)     a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care- insurance receivable and any subsequent assignment of the right to payment, but Sections 55-9-315 and 55-9-322 N.M. Stat. Ann. apply with respect to proceeds and priorities in proceeds;

(9)     an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

(10)    a right of recoupment or set-off, but:

(A) Section 55-9-340 N.M. Stat. Ann. applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and

(B) Section 55-9-404 N.M. Stat. Ann. applies with respect to defenses or claims of an account debtor;

(11)    the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

(A) liens on real property in Sections 55-9-203 and 55-9-308 N.M. Stat. Ann.; (B) fixtures in Section 55-9-334 N.M. Stat. Ann.;

(C) fixture filings in Sections 55-9-501, 55-9-502, 55-9-512, 55-9-516 and 55- 9-519 NMSA 1978; and

(D) security agreements covering personal and real property in Section 55-9- 604 NMSA 1978;

(12)    an assignment of a claim arising in tort, other than a commercial tort claim, but Sections 55-9-315 and 55-9-322 N.M. Stat. Ann. apply with respect to proceeds and priorities in proceeds;

(13)    an assignment of a deposit account in a consumer transaction, but Sections 55-9-315 and 55-9-322 N.M. Stat. Ann. apply with respect to proceeds and priorities in proceeds; or

(14)    a public-finance transaction or other transfer by a state or a governmental unit of a state.

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