New Mexico Amends Uniform Commercial Code and Public Records Laws
by: Nicole Legere
New Mexico Uniform Commercial Code
Amendments to the Uniform Commercial Code were intended to clarify the applicability of the Electronic Fund Transfer Act to remittance transfers. A remittance transfer is defined to include certain electronic money transfers from the United States to recipients abroad. This amendment states that the Electronic Fund Transfer Fund Act applies to a fund transfer which is classified as a remittance transfer.
- In the event of an inconsistency between the federal Electronic Fund Transfer Act and applicable provisions of state law, the federal act will govern.
A second amendment, relating to chattel paper, clarified when a secured party will be considered to be in control of electronic chattel paper. Under this amendment, “a secured party has control of chattel paper if a system employed for evidencing the transfer of interests in chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.”
A final amendment addresses the role of financing statements in perfecting security interests. This amendment states that it is not necessary to file a financing statement in order to perfect a security interest.
New Mexico Public Records
New Mexico amended provision relating to the creation and maintenance of public records specifically addressing the release of tax liens. These changes will be effective July 4, 2013.
The amendment removes the notice requirement for the expiration of a tax lien. Ten years from the date a tax lien is filed, as shown on the date of the lien, it shall be “conclusively presumed to have been paid and lien is thereby extinguished.” After the ten year period, no action can be brought to enforce an extinguished tax lien.
About the Author:
Nicole Legere, Esq., is Assistant Vice President and Senior Counsel at Bankers Advisory, Inc. She is a graduate of the University of Massachusetts at Amherst and earned her Juris Doctor at Roger Williams School of Law. Nicole is admitted to the Bar in Massachusetts and New York. She can be reached at nicole@bankersadvisory.com
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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