0001| SENATE BILL 862
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| DON KIDD
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO SECURITY INTERESTS; PROVIDING PROCEDURES RELATING TO
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0013| A SECURITY INTEREST IN A MANUFACTURED HOME; CONFIRMING SECURITY
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0014| INTEREST PROCEDURES FOR VEHICLES; AMENDING A SECTION OF THE NMSA
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0015| 1978.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. Section 66-3-202 NMSA 1978 (being Laws 1978,
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0019| Chapter 35, Section 74) is amended to read:
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0020| "66-3-202. FILING EFFECTIVE TO GIVE NOTICE.--
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0021| A. The filing of an application with the division
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0022| and the issuance of a new certificate of title by the division
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0023| as provided in Section [64-3-201 NMSA 1953] 66-3-201 NMSA
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0024| 1978 [constitutes] constitute constructive notice of all
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0025| security interests in the vehicle described in the application.
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0001| Except for a manufactured home, if the application is received
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0002| by the division within ten days after the date the security
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0003| agreement was executed, constructive notice shall be effective
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0004| as of the date [from the time] of the execution of the
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0005| security agreement, [Othewise] and the security interest
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0006| shall be deemed to have been filed and perfected as of that date
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0007| and shall have priority over other liens attached subsequent to
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0008| that date. In the case of a manufactured home, if the
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0009| application is received by the division within one hundred
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0010| twenty days after the date the security agreement was executed,
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0011| constructive notice shall be effective as of the date of the
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0012| execution of the security agreement, and the security agreement
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0013| shall be deemed to have been filed and perfected as of that date
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0014| and shall have priority over other liens attached subsequent to
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0015| that date. In all other cases, constructive notice shall be
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0016| effective as of the date [from the time] of receipt noted on
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0017| the title application.
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0018| B. The method provided in this article for
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0019| perfecting a security interest shall be exclusive except as to
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0020| liens dependent upon possession and property tax liens on
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0021| [mobile] manufactured homes perfected under Section [64-3-204 NMSA 1953] 66-3-204 NMSA 1978.
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0022| C. The constructive notice [herein] provided for
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0023| [shall terminate] in this section terminates twelve months
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0024| after the maturity date of the debt. Unless refiled in a manner
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0025| prescribed by the division within twelve months after the
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0001| maturity date, the division may ignore the security interest in
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0002| the issuance of all subsequent certificates of title."
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0003|
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0004|
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0005| FORTY-SECOND LEGISLATURE
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0006| SECOND SESSION, 1996
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0007|
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0008|
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0009| FEBRUARY 3, 1996
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0010|
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0011| Mr. President:
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0012|
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0013| Your COMMITTEES' COMMITTEE, to whom has been referred
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0014|
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0015| SENATE BILL 862
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0016|
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0017| has had it under consideration and finds same to be GERMANE, PURSUANT
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0018| TO SENATE EXECUTIVE MESSAGE NUMBER TWENTY SIX, and thence referred to
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0019| the CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0020|
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0021| Respectfully submitted,
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0022|
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0023|
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0024|
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0025|
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0001| __________________________________
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0002| SENATOR MANNY M. ARAGON, Chairman
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0003|
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0004|
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0005|
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0006| Adopted_______________________ Not Adopted_______________________
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009|
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0010| Date ________________________
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0011|
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0012|
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0013|
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0014| S0862CC1
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0015|
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0016| FORTY-SECOND LEGISLATURE
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0017| SECOND SESSION, 1996
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0018|
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0019|
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0020| February 9, 1996
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0021|
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0022| Mr. President:
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0023|
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0024| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0025| has been referred
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0001|
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0002| SENATE BILL 862
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0003|
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0004| has had it under consideration and reports same with recommendation that
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0005| it DO PASS, and thence referred to the JUDICIARY COMMITTEE.
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0006|
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0007| Respectfully submitted,
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0008|
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0009|
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0010|
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0011| __________________________________
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0012| Roman M. Maes, III, Chairman
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0013|
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0014|
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0015|
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0016| Adopted_______________________ Not Adopted_______________________
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0017| (Chief Clerk) (Chief Clerk)
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0018|
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0019|
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0020| Date ________________________
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0021|
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0022|
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0023| The roll call vote was 5 For 0 Against
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0024| Yes: 5
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0025| No: 0
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0001| Excused: Kidd, Maloof, McKibben, Reagan
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0002| Absent: None
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0003|
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0004|
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0005| S0862CT1
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0006|
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0007|
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0008|
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0009| FORTY-SECOND LEGISLATURE
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0010| SECOND SESSION, 1996
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0011|
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0012|
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0013| February 9, 1996
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0014|
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0015| Mr. President:
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0016|
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0017| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0018| has been referred
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0019|
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0020| SENATE BILL 862
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0021|
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0022| has had it under consideration and reports same with recommendation that
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0023| it DO PASS, and thence referred to the JUDICIARY COMMITTEE.
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0024|
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0025| Respectfully submitted,
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0001|
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0002|
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0003|
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0004| __________________________________
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0005| Roman M. Maes, III, Chairman
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0006|
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0007|
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0008|
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0009| Adopted_______________________ Not Adopted_______________________
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0010| (Chief Clerk) (Chief Clerk)
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0011|
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0012|
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0013| Date ________________________
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0014|
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0015|
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0016| The roll call vote was 5 For 0 Against
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0017| Yes: 5
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0018| No: 0
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0019| Excused: Kidd, Maloof, McKibben, Reagan
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0020| Absent: None
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0021|
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0022|
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0023| S0862CT1
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0024|
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0025|
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0001|
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0002| FORTY-SECOND LEGISLATURE SB 862/a
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| February 11, 1996
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0007|
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0008| Mr. President:
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0009|
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0010| Your JUDICIARY COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 862
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0013|
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0014| has had it under consideration and reports same with recommendation that
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0015| it DO PASS, amended as follows:
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0016|
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0017| 1. On page 1, line 20, strike "The" and insert in lieu thereof "On
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0018| or after June 1, 1996, the".
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0019|
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0020| 2. On page 1, line 25, after "home" insert "or recreational
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0021| vehicle".
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0022|
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0023| 3. On page 2, line 6, after "attached" insert "or filed".
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0024|
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0025| 4. On page 2, line 6, before the period insert ", except for tax
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0001| liens filed by the state, county or federal governments".
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0002|
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0003| 5. On page 2, line 7, after "home" insert "or recreational
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0004| vehicle".
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0005|
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0006| 6. On page 2, line 8, strike "one hundred twenty" and insert in
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0007| lieu thereof "sixty".
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0008|
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0009| 7. On page 2, line 13, after "attached" insert "or filed".
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0010|
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0011| 8. On page 2, line 13, before the period insert ", except for tax
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0012| liens filed by the state, county or federal governments".
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0013|
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0025|
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0001| Respectfully submitted,
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0002|
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0003|
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0004|
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0005| __________________________________
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0006| Janice D. Paster, Chairman
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0007|
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0008|
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0009|
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0010| Adopted_______________________ Not Adopted_______________________
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0011| (Chief Clerk) (Chief Clerk)
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0012|
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0013|
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0014| Date ________________________
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0015|
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0016|
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0017| The roll call vote was 5 For 0 Against
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0018| Yes: 5
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0019| No: 0
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0020| Excused: Cisneros, Sanchez, Scott, Vernon
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0021| Absent: None
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0022|
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0023|
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0024| S0862JU1 .112036.2
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0025|
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0001| State of New Mexico
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0002| House of Representatives
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0003|
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0004| FORTY-SECOND LEGISLATURE
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0005| SECOND SESSION, 1996
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0006|
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0007|
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0008| February 14, 1996
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0009|
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0010|
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0011| Mr. Speaker:
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0012|
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0013| Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been
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0014| referred
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0015|
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0016| SENATE BILL 862, as amended
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0017|
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0018| has had it under consideration and reports same with
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0019| recommendation that it DO PASS.
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0020|
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0021| Respectfully submitted,
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0022|
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0023|
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0024|
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0025|
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0001| Fred Luna, Chairman
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0002|
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0003|
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0004| Adopted Not Adopted
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0005| (Chief Clerk) (Chief Clerk)
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0006|
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0007| Date
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0008|
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0009| The roll call vote was 11 For 0 Against
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0010| Yes: 11
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0011| Excused: Olguin
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0012| Absent: None
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0013|
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0014|
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0015|
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0016| S0862BI1
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