New Mexico Statutes Chapter 55. Uniform Commercial Code § 55-9-110. Security interests arising under Statutes Chapter 55, Article 2 or 2A NMSA 1978

(1) the security interest is enforceable, even if Paragraph (3) of Subsection (b) of Section 55-9-203 NMSA 1978 has not been satisfied;

(2) filing is not required to perfect the security interest;

(3) the rights of the secured party after default by the debtor are governed by Chapter 55, Article 2 or 2A NMSA 1978; and

(4) the security interest has priority over a conflicting security interest created by the debtor.