Effective Date and Transition Provisions

NMSA 1978 ch. 55, art. 11A

in effect

NMSA 1978, § 55-11A-101 Effective date; ["old U.C.C." and "new U.C.C." defined]

55-11A-101. Effective date; ["old U.C.C." and "new U.C.C." defined] This act shall become effective at 12:01 a.m. on January 1, 1986. As used in this article, unless the context requires otherwise: (a) "old U.C.C." means the Uniform Commercial Code, as effective in New Mexico, immediately prior to the effective day of this act. (b) "new U.C.C." means the Uniform Commercial Code, as effective in New Mexico, as amended by this act. 1978 Comp., § 55-12-101, enacted by Laws 1985, ch. 193, § 39; recompiled as § 55-11A-101 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-102 Preservation of old transition provision

55-11A-102. Preservation of old transition provision The provisions of Laws 1961, Chapter 96, Section 10-102, Subsection (2), shall continue to apply to the new U.C.C. and for this purpose the old U.C.C. and the new U.C.C. shall be considered one continuous statute. 1978 Comp., § 55-12-102, enacted by Laws 1985, ch. 193, § 40; recompiled as § 55-11A-102 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-103 Transition to new U.C.C.; general rule

55-11A-103. Transition to new U.C.C.; general rule Transactions validly entered into after January 1, 1962, and before January 1, 1986, and which were subject to the provisions of the old U.C.C. and which would be subject to this act as amended if they had been entered into after the effective date of the new U.C.C. and the rights, duties and interests flowing from such transactions remain valid after the latter date and may be terminated, completed, consummated or enforced as required or permitted by the new U.C.C. Security interests arising out of such transactions which are perfected when the new U.C.C. becomes effective shall remain perfected until they lapse as provided in the new U.C.C., and may be continued as permitted by the new U.C.C., except as stated in Section 12-105 [55-11A-105 NMSA 1978]. 1978 Comp., § 55-12-103, enacted by Laws 1985, ch. 193, § 41; recompiled as § 55-11A-103 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-104 Transition provision on change of requirement of filing

55-11A-104. Transition provision on change of requirement of filing A security interest for the perfection of which filing or the taking of possession was required under the old U.C.C. and which attached prior to the effective date of the new U.C.C. but was not perfected shall be deemed perfected on the effective date of the new U.C.C. if the new U.C.C. permits perfection without filing or authorizes filing in the office or offices where a prior ineffective filing was made. 1978 Comp., § 55-12-104, enacted by Laws 1985, ch. 193, § 42; recompiled as § 55-11A-104 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-105 Transition provision on change of place of filing

55-11A-105. Transition provision on change of place of filing (1) A financing statement or continuation statement filed prior to January 1, 1986 which shall not have lapsed prior to January 1, 1986 shall remain effective for the period provided in the old U.C.C., but not less than five years after the filing. (2) An effective financing statement or continuation statement filed before January 1, 1986, in the place or places that were proper to perfect a security interest under the old U.C.C. shall continue to apply to the collateral described therein for the period specified in Subsection (1), without being filed in the place or places that are proper to perfect a security interest under the new U.C.C. (3) The effectiveness of any financing statement or continuation statement filed prior to January 1, 1986 may be continued by a continuation statement as permitted by the new U.C.C., except that if the new U.C.C. requires a filing in an office where there was no previous financing statement, a new financing statement conforming to Section 12-106 [55-11A-106 NMSA 1978] shall be filed in that office. (4) If the record of a mortgage of real estate would have been effective as a fixture filing of goods described therein if the new U.C.C. had been in effect on the date of recording the mortgage, the mortgage shall be deemed effective as a fixture filing as to such goods under Subsection (6) of Section 9-402 [55-9-402 NMSA 1978] of the new U.C.C. on January 1, 1986. 1978 Comp., § 55-12-105, enacted by Laws 1985, ch. 193, § 43; recompiled as § 55-11A-105 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-106 Required refilings

55-11A-106. Required refilings (1) If a security interest is perfected or has priority when this act takes effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under the new U.C.C., the perfection and priority rights of the security interest continue until January 1, 1989. The perfection will then lapse unless a financing statement is filed as provided in Subsection (4) or unless the security interest is perfected otherwise than by filing. (2) If a security interest is perfected when the new U.C.C. takes effect under a law other than the Uniform Commercial Code which requires no further filing, refiling or recording to continue its perfection, perfection continues until and will lapse on January 1, 1989, unless a financing statement is filed as provided in Subsection (4) or unless the security interest is perfected otherwise than by filing, or unless under Subsection (3) of Section 9-302 [55-9-302 NMSA 1978] the other law continues to govern filing, or unless the security interest is perfected under Sections 62-13-8 through 62-13-12.1 NMSA 1978. (3) If a security interest is perfected by a filing, refiling or recording under a law repealed by this act which required further filing, refiling or recording to continue its perfection, perfection continues and will lapse on the date provided by the law so repealed for such further filing, refiling or recording unless a financing statement is filed as provided in Subsection (4) or unless the security interest is perfected otherwise than by filing. (4) A financing statement permitted by Section 12-105 [55-11A-105 NMSA 1978] or 12-106 [55-11A-106 NMSA 1978] may be filed before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by this act), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the U.C.C. or under any statute or other law repealed or modified by this act is still effective. Section 9-401 [55-9-401 NMSA 1978] and Section 9-103 [55-9-103 NMSA 1978] determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of Section 9-403(3) [55-9-403 (3) NMSA 1978] for continuation statements apply to such a financing statement. 1978 Comp., § 55-12-106, enacted by Laws 1985, ch. 193, § 44; recompiled as § 55-11A-106 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-107 Transition provisions as to priorities

55-11A-107. Transition provisions as to priorities Except as otherwise provided in Article 12[11A] [55-11A-101 to 55-11A-111 NMSA 1978], the old U.C.C. shall apply to any questions of priority if the positions of the parties were fixed prior to January 1, 1986. In other cases questions of priority shall be determined by the new U.C.C. 1978 Comp., § 55-12-107, enacted by Laws 1985, ch. 193, § 45; recompiled as § 55-11A-107 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-108 Presumption that rule of law continues unchanged

55-11A-108. Presumption that rule of law continues unchanged Unless a change in law has clearly been made, the provisions of the new U.C.C. shall be deemed declaratory of the meaning of the old U.C.C. 1978 Comp., § 55-12-108, enacted by Laws 1985, ch. 193, § 46; recompiled as § 55-11A-108 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-109 Saving clause

55-11A-109. Saving clause (a) Chapter 55, Article 8 NMSA 1978 does not affect an action or proceeding commenced before that article takes effect. (b) If a security interest in a security is perfected at the date Chapter 55, Article 8 NMSA 1978 takes effect and the action by which the security interest was perfected would suffice to perfect a security interest under that article, no further action is required to continue perfection. If a security interest in a security is perfected at the date Chapter 55, Article 8 NMSA 1978 takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under that article, the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under Chapter 55, Article 8 NMSA 1978 is taken within that period. If a security interest is perfected at the date Chapter 55, Article 8 NMSA 1978 takes effect and the security interest can be perfected by filing under that article, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect. 1978 Comp., § 55-12-109, enacted by Laws 1996, ch. 47, § 69; recompiled as § 55-11A-109 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-110 Temporary provision; effectiveness

55-11A-110. Temporary provision; effectiveness This act applies to a document of title that is issued or a bailment that arises on or after the effective date of this act. This act does not apply to a document of title that is issued or a bailment that arises before the effective date of this act even if the document of title or bailment would be subject to this act if the document of title had been issued or bailment had arisen on or after the effective date of this act. This act does not apply to a right of action regarding a document of title or bailment that has accrued before the effective date of this act. Laws 2005, ch. 144, § 110; § 55-12-110, recompiled as § 55-11A-110 by Laws 2023, ch. 142, § 95.

NMSA 1978, § 55-11A-111 Temporary provision; effectiveness

55-11A-111. Temporary provision; effectiveness A. A document of title issued or a bailment that arises before the effective date of this act and the rights, obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had not occurred and may be terminated, completed, consummated or enforced under that statute or other rule. B. The provisions of Article 7 of the Uniform Commercial Code do not repeal or modify any laws prescribing the form or contents of documents of title or the services or facilities to be afforded by bailees, or otherwise regulating bailees' businesses in respects not specifically dealt with in the Uniform Commercial Code; but the fact that such laws are violated does not affect the status of a document of title that otherwise conforms with the definition of a document of title. Laws 2005, ch. 144, § 111; 2015, ch. 54, § 7; § 55-12-111, recompiled as § 55-11A-111 by Laws 2023, ch. 142, § 95.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18558/index.doFetched: 10/20/2026