Section 55-9-301 - Law governing perfection and priority of security interests.

55-9-301. Law governing perfection and priority of security interests.

Except as otherwise provided in Sections 55-9-303 through 55-9-306 NMSA 1978, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral: 

(1)     except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral; 

(2)     while collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral; 

(3)     except as otherwise provided in Subsection (4) of this section, while tangible negotiable documents, goods, instruments, money or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: 

(A)     perfection of a security interest in the goods by filing a fixture filing; 

(B)     perfection of a security interest in timber to be cut; and 

(C)     the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral; and 

(4)     the local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection and the priority of a security interest in as-extracted collateral.