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