It is the intent of the legislature to adopt a central filing system for security interests relating to farm products pursuant to Section 1324 of the Food Security Act of 1985, Public Law 99-198. It is also the intent of the legislature that upon the adoption of the central filing system, security interest holders be encouraged to use such system in lieu of any other notice provided by Section 1324 of the Food Security Act of 1985 for farm products used or produced in New Mexico which are included in the central filing system.
History: Laws 1987, ch. 177, § 2.
Compiler's notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, as amended by Laws 1992, ch. 8, § 1, to delete the provision providing that Laws 1987, ch. 177 is effective until July 1, 1997.
Cross references. — For Section 1324 of the federal Food Security Act of 1985, see 7 U.S.C. § 1631.
Structure New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 13 - Farm Products Secured Interests
Section 56-13-1 - Short title.
Section 56-13-2 - Legislative purpose.
Section 56-13-3 - Definitions.
Section 56-13-4 - Implementation of central filing system.
Section 56-13-5 - Certification of system.
Section 56-13-7 - Continuation statement.
Section 56-13-8 - Lapse or waiver.
Section 56-13-9 - Oral and written inquiries.
Section 56-13-10 - Seller disclosure.
Section 56-13-11 - Adoption of rules and regulations.
Section 56-13-12 - Receipt of notice.
Section 56-13-13 - Rights of buyer in the ordinary course of business.