N.M. Stat. » Chapter 55 — Uniform Commercial Code
New Mexico Statutes

N.M. Stat. § 55-9-302 (2026)

Law governing perfection and priority of agricultural

✓ current as of May 2026
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liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products.

History: 1978 Comp., § 55-9-302, enacted by Laws 2001, ch. 139, § 22.

OFFICIAL COMMENTS

UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New.

2. Agricultural Liens. This section provides choice-of-law rules for agricultural liens on farm products. Perfection, the effect of perfection or nonperfection, and priority all are governed by the law of the jurisdiction in which the farm products are located. Other choice-of-law rules, including Section 1-301 [55-1-301 NMSA 1978], determine which jurisdiction’s law governs other matters, such as the secured party’s rights on default. See Section 9-301 [55-9-301 NMSA 1978], Comment 2. Inasmuch as no agricultural lien on proceeds arises under this Article, this section does not expressly apply to proceeds of agricultural liens. However, if another statute creates an agricultural lien on proceeds, it may be appropriate for courts to apply the choice-of-law rule in this section to determine priority in the proceeds.

ANNOTATIONS

Cross references. — For Farm Products Secured Interest Act, see 56-13-1 NMSA 1958.

Repeals and reenactments. — Laws 2001, ch. 139, § 22 repealed former 55-9-302 NMSA 1978, as amended by Laws 1996, ch. 47, § 63, and enacted a new section, effective July 1, 2001.

Notes of Decisions
Cited in 7 cases, 1985–1998 · leading case: Sec. Pac. Fin. Servs. v. Signfilled Corp., 956 P.2d 837 (N.M. Ct. App. 1998).
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Sec. Pac. Fin. Servs. v. Signfilled Corp., 956 P.2d 837 (N.M. Ct. App. 1998). · cites it 3× “As in this ease, when a secured party assigns a perfected security interest there is no requirement that the assignment be filed “in order to continue the perfected status of the security interest against creditors of and transferees from the original debtor.”
Jones v. Beavers, 866 P.2d 362 (N.M. Ct. App. 1993). · cites it 2× “Section 55-9-302(3)(b) provides in relevant part: “The filing of a financing statement .”
Kuemmerle v. United New Mexico Bank at Roswell, N.A., 831 P.2d 976 (N.M. 1992). “Under NMSA 1978, Sections 55-9-302 & -303 (Repl.Pamp.1987), a security interest is perfected only after it attaches and a financing statement has been filed.”
Flores De New Mexico, Inc. v. Banda Negra Int'l, Inc. (In Re Flores De New Mexico, Inc.), 151 B.R. 571 (Bankr. D.N.M. 1993). “§ 55-9-302. The proper place for filing varies depending upon the type of collateral upon which a security interest is being perfected.”
Valley Fed. Sav. Bank v. Stahl, 793 P.2d 851 (N.M. 1990). “Sections 55-9-302(1), -305. Associated Milk Producers claims that the description contained in the financing statement filed by Bank of America on December 7, 1983, did not adequately describe the capital retains.”
Greeman Motor, Inc. v. United New Mexico Bank (In Re Greeman Motors, Inc.), 48 B.R. 611 (Bankr. D.N.M. 1985). · cites it 2× “§ 55-9-302 for perfection of a security interest states: (1)Presentation for filing of a financing statement and tender of the filing fee or acceptance of the statement by the filing officer constitutes filing under this article. The evidence in this case indicates that the…”
Prod. Credit Ass'n v. Lane (In Re Cattle Complex Corp.), 61 B.R. 526 (Bankr. D.N.M. 1986). · cites it 2× “N.M. Stat.Ann. § 55-9-302(1) (1978). Also, under New Mexico law an unperfected security interest is subordinate to the rights of a lien creditor, including a trustee in bankruptcy.”
— N.M. Stat. § 55-9-302(1) — 2 cases
Valley Fed. Sav. Bank v. Stahl, 793 P.2d 851 (N.M. 1990). “Sections 55-9-302(1), -305. Associated Milk Producers claims that the description contained in the financing statement filed by Bank of America on December 7, 1983, did not adequately describe the capital retains.”
Prod. Credit Ass'n v. Lane (In Re Cattle Complex Corp.), 61 B.R. 526 (Bankr. D.N.M. 1986). “N.M. Stat.Ann. § 55-9-302(1) (1978). Also, under New Mexico law an unperfected security interest is subordinate to the rights of a lien creditor, including a trustee in bankruptcy.”
— N.M. Stat. § 55-9-302(2) — 1 case
Sec. Pac. Fin. Servs. v. Signfilled Corp., 956 P.2d 837 (N.M. Ct. App. 1998). “As in this ease, when a secured party assigns a perfected security interest there is no requirement that the assignment be filed “in order to continue the perfected status of the security interest against creditors of and transferees from the original debtor.”
— N.M. Stat. § 55-9-302(3)(b) — 2 cases
Sec. Pac. Fin. Servs. v. Signfilled Corp., 956 P.2d 837 (N.M. Ct. App. 1998). “As in this ease, when a secured party assigns a perfected security interest there is no requirement that the assignment be filed “in order to continue the perfected status of the security interest against creditors of and transferees from the original debtor.”
Jones v. Beavers, 866 P.2d 362 (N.M. Ct. App. 1993). “Section 55-9-302(3)(b) provides in relevant part: “The filing of a financing statement .”
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