Last year, a New Mexico House bill to enact the 2010 Amendments to UCC Article 9 failed to pass from committee before the legislature adjourned. On January 21, 2013, the New Mexico Senate re-introduced the 2010 Amendments as Senate Bill 146.
The new bill provides the Alternative A “Only If” rule for sufficiency of individual names in Section 9-503(a)(4), text representations of the new 04/20/2011 form versions and adopts the uniform effective date of July 1, 2013.
The only obvious departure from the official text in SB 146 is an amendment to the uniform definition of “transmitting utility” in Section 9-102(a)(80). The amended definition provides that the term means “an organization…” which is narrows the definition from the current text that provides it means “a person…”
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.