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Can you summarize Article 9, Chapter 55 NMSA?
Uniform Commercial Code > Secured Transactions
Short Summary
This legal document provides definitions and an index of definitions for the Uniform Commercial Code’s Secured Transactions in New Mexico. It applies to individuals and organizations involved in secured transactions in New Mexico. The document does not provide specific exemptions or penalties. It serves as a reference for legal professionals and individuals involved in secured transactions in New Mexico. The document governs secured transactions and the creation of security interests in personal property or fixtures. It applies to various transactions, including those that create a security interest in personal property or fixtures by contract, agricultural liens, sales of accounts, chattel paper, payment intangibles or promissory notes, consignments, and certain security interests arising under specific sections of the New Mexico Statutes Annotated 1978. However, there are exemptions to its application, such as when federal law preempts the article, when another New Mexico statute expressly governs the creation, perfection, priority, or enforcement of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest created by that state or country, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Individuals and organizations involved in secured transactions in New Mexico
What does it govern?
Secured Transactions
What are exemptions?
Exemptions include when federal law preempts the article, when another New Mexico statute expressly governs the creation, perfection, priority, or enforcement of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest created by that state or country, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Mexico