New Mexico Statutes 55-9-204 v2. After-acquired property; future advances. (Effective
January 1, 2024.) (a) Except as otherwise provided in Subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.
Terms Used In New Mexico Statutes 55-9-204 v2
- 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.
(b) Subject to Subsection (b.1) of this section, security interest does not attach under a term constituting an after-acquired property clause to:
(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
(2) a commercial tort claim.
(b.1) Subsection (b) of this section does not prevent a security interest from attaching:
(1) to consumer goods as proceeds under Subsection (a) of Section 55-9-315 N.M. Stat. Ann. or commingled goods under Subsection (c) of Section 55-9-336 N.M. Stat. Ann.;
(2) to a commercial tort claim as proceeds under Subsection (a) of section 55-9-315 N.M. Stat. Ann.; or
(3) under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.
(c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.