(a) A secured party has control of a controllable electronic record as provided in Section 55-12-105 NMSA 1978. (b) A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible. History: 1978 Comp., § 55-9-107A, enacted by Laws 2023, ch. 142, § 47. OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Perfection by Control or Filing and Priority for Controllable Electronic Records. Perfection by filing and perfection by control are alternative methods of perfection for a controllable electronic record. See Sections 9-312, 9-314. Under this section, a secured party has control of a controllable electronic record as provided in Section 12-105. Under Section 9-326A, a security interest in a controllable electronic record that is perfected by control has priority over a security interest perfected by another method. 2. Perfection by Control or Filing and Priority for Controllable Account or Controllable Payment Intangible. Perfection by filing and perfection by control also are alternative methods of perfection for a controllable account or controllable payment intangible. See Sections 9-312, 9-314. Under this section, a secured party would obtain control of a controllable account or controllable payment intangible by obtaining control of the controllable electronic record that evidences the controllable account or controllable payment intangible. Under Section 9-326A, a security interest in a controllable account or controllable payment intangible that is perfected by control has priority over a security interest perfected by another method. By definition, a controllable account would be an Article 9 "account," and a controllable payment intangible would be an Article 9 "payment intangible." Section 9-102. The fact that an account or payment intangible is a controllable account or controllable payment intangible does not affect a secured party's alternative of perfection by filing. Moreover, that fact does not affect the applicability of other provisions of Article 9, including the provisions governing an account debtor's agreement not to assert defenses (Section 9-403) and the statutory overrides of legal and contractual restrictions on the assignability of accounts and payment intangibles (Sections 9-406 and 9-408). Effective dates. — Laws 2023, ch. 142, § 112 made Laws 2023, ch. 142, § 47 effective January 1, 2024.
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