New Mexico Statutes 55-2A-307. Priority of liens arising by attachment or levy on, security interests in and other claims to goods
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as otherwise provided in Section 55-2A-306 N.M. Stat. Ann., a creditor of a lessee takes subject to the lease contract.
Terms Used In New Mexico Statutes 55-2A-307
- Contract: A legal written agreement that becomes binding when signed.
- goods: means all things that are movable at the time of identification to the lease contract or are fixtures (Section New Mexico Statutes 55-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See New Mexico Statutes 55-2A-103
- lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See New Mexico Statutes 55-2A-103
- leasehold interest: means the interest of the lessor or the lessee under a lease contract. See New Mexico Statutes 55-2A-103
- lessee: means a person who acquires the right to possession and use of goods under a lease. See New Mexico Statutes 55-2A-103
- lessor: means a person who transfers the right to possession and use of goods under a lease. See New Mexico Statutes 55-2A-103
(2) Except as otherwise provided in Subsection (3) of this section and in Sections 55-2A-306 and 55-2A-308 N.M. Stat. Ann., a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in Sections 55-9-317, 55-9-321 and 55-9-323 N.M. Stat. Ann., a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.