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New Mexico Statutes Chapter 55. Uniform Commercial Code § 55-9-314. Perfection by control

Current as of January 01, 2024 | Updated by FindLaw Staff

<This version of section effective January 1, 2024. See, also, version of section 55-9-314 effective until January 1, 2024.>

(a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property or letter-of-credit rights may be perfected by control of the collateral under Section 55-7-106, 55-9-104, 55-9-105A, 55-9-106, 55-9-107 or 55-9-107A NMSA 1978.

(b) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money or letter-of-credit rights is perfected by control under Section 55-7-106, 55-9-104, 55-9-105A, 55-9-107 or 55-9-107A NMSA 1978 when the secured party obtains control and remains perfected by control only while the secured party retains control.

(c) A security interest in investment property is perfected by control under Section 55-9-106 NMSA 1978 not earlier than the time the secured party obtains control and remains perfected by control until:

(1) the secured party does not have control; and

(2) one of the following occurs:

(A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(C) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 55. Uniform Commercial Code § 55-9-314. Perfection by control - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-55-uniform-commercial-code/nm-st-sect-55-9-314/

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