New Mexico has enacted the 2010 Amendments to UCC Article 9. The governor signed Senate Bill 146 on Wednesday, April 3, 2013. The measure enacts the Alternative A “Only If” rule for sufficiency of individual names in § 9-503(a)(4) and provides text representations of the forms set forth in the official text of § 9-521. The new law takes effect on July 1, 2013. The new law includes a non-uniform definition of “transmitting utility” in § 9-102(a)(80). The amended definition provides that the term means “an organization…” which narrows the definition from the current text that provides it means “a person…” This deviation from the official text appears intended to prevent fraudulent filings against public officials. Fraudulent filers commonly check the transmitting utility indication box so the record will not lapse. CSC will continue to track all UCC Article 9 legislation and provide updates of any significant developments.
Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available at http://csctransactionwatch.com/amendments/.
If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at phodnefi@cscinfo.com or 800-927-9801, ext. 62375.