New Mexico Introduces the 2010 Amendments to UCC Article 9

February 2, 2012

The New Mexico House introduced legislation on Wednesday, February 1, 2012 to enact the 2010 Amendments to UCC Article 9.  House Bill 303 provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4), sets forth text of the 04/20.2011 version safe harbor forms, and adopts the uniform effective date of July 1, 2013.

House Bill 303 provides some other minor changes in addition to the 2010 Amendments.  For example, the bill restores the definition of “public-financing transaction.”  That definition was deleted by legislation in 2005.  The bill also adds new Section 9-516(b)(3) subsections (C) & (D).  These subsections are part of the official text of Article 9, butNew Mexicoomitted them from the bill that enacted Revised Article 9 in 2001.  Otherwise, the bill did not appear to include any significant non-uniform provisions. 

CSC will provide updates for any significant developments with HB 303 and all other state Article 9 legislation.