Section 55-9-323 - Future advances.

55-9-323. Future advances.

(a)     Except as otherwise provided in Subsection (c) of this section, for purposes of determining the priority of a perfected security interest under Paragraph (1) of Subsection (a) of Section 55-9-322 NMSA 1978, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:   

(1)     is made while the security interest is perfected only:   

(A) under Section 55-9-309 NMSA 1978 when it attaches; or   

(B) temporarily under Subsection (e), (f) or (g) of Section 55-9-312 NMSA 1978; and   

(2)     is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 55-9-309 or Subsection (e), (f) or (g) of Section 55-9-312 NMSA 1978.   

(b)     Except as otherwise provided in Subsection (c) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made:   

(1)     without knowledge of the lien; or   

(2)     pursuant to a commitment entered into without knowledge of the lien.   

(c)     Subsections (a) and (b) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor.   

(d)     Except as otherwise provided in Subsection (e) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:   

(1)     the time the secured party acquires knowledge of the buyer's purchase; or   

(2)     forty-five days after the purchase.   

(e)     Subsection (d) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five-day period.   

(f)     Except as otherwise provided in Subsection (g) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:   

(1)     the time the secured party acquires knowledge of the lease; or   

(2)     forty-five days after the lease contract becomes enforceable.   

(g)     Subsection (f) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.