0001|                               AN ACT
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0002| RELATING TO SECURITY INTERESTS; PROVIDING PROCEDURES RELATING TO A
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0003| SECURITY INTEREST IN A MANUFACTURED HOME; CONFIRMING SECURITY
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0004| INTEREST PROCEDURES FOR VEHICLES; AMENDING A SECTION OF THE NMSA
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0005| 1978.
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0006| 
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0007| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0008|      Section 1.  Section 66-3-202 NMSA 1978 (being Laws 1978, Chapter 35, Section 74) is
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0009| amended to read:
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0010|      "66-3-202.  FILING EFFECTIVE TO GIVE NOTICE.--
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0011|           A.  On or after June 1, 1996, the filing of an application with the division and the
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0012| issuance of a new certificate of title by the division as provided in Section 66-3-201 NMSA
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0013| 1978 constitute constructive notice of all security interests in the vehicle described in the
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0014| application.  Except for a manufactured home or recreational vehicle, if the application is
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0015| received by the division within ten days after the date the security agreement was executed,
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0016| constructive notice shall be effective as of the date of the execution of the security agreement,
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0017| and the security interest shall be deemed to have been filed and perfected as of that date and
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0018| shall have priority over other liens attached or filed subsequent to that date, except for tax liens
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0019| filed by the state, county or federal governments.  In the case of a manufactured home or
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0020| recreational vehicle, if the application is received by the division within sixty days after the date
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0021| the security agreement was executed, constructive notice shall be effective as of the date of the
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0022| execution of the security agreement, and the security agreement shall be deemed to have been
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0023| filed and perfected as of that date and shall have priority over other liens attached or filed
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0024| subsequent to that date, except for tax liens filed by the state, county or federal governments.  In
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0025| all other cases, constructive notice shall be effective as of the date of receipt noted on the title
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0001| application.
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0002|           B.  The method provided in this article for perfecting a security interest shall be
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0003| exclusive except as to liens dependent upon possession and property tax liens on manufactured
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0004| homes perfected under Section 66-3-204 NMSA 1978.
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0005|           C.  The constructive notice provided for in this section terminates twelve
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0006|                                                               months after the maturity date of the debt.  Unless refiled in a manner prescribed by the
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0007|                                                               division within twelve months after the maturity date, the division may ignore the security
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0008|                                                               interest in the issuance of all subsequent certificates of title."                          
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