(a) Except as provided in Subsection (b) of this section, the local law of the controllable electronic record's jurisdiction specified in Subsections (c) and (d) of Section 55-12-107 NMSA 1978 governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record. (b) The local law of the jurisdiction in which the debtor is located governs: (1) perfection of a security interest in a controllable account, controllable electronic record or controllable payment intangible by filing; and (2) automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible. History: 1978 Comp., § 55-9-306B, enacted by Laws 2023, ch. 142, § 60. 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 and priority. Subsection (a) deals with perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible other than by filing—i.e., perfection by control under Section 12-105 [55-12-105 NMSA 1978]—and priority. For these purposes the governing law is that of the controllable electronic record's jurisdiction under Section 12-107(c) and (d) [55-12-107 NMSA 1978]. 2. Perfection by filing. Under Subsection (b) the local law of the jurisdiction of the debtor's location governs perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing (but not priority, as to which Subsection (a) would apply). Because controllable electronic records are general intangibles and controllable accounts and controllable payment intangibles are subsets of accounts and payment intangibles, this provision does not change prior law. Effective dates. — Laws 2023, ch. 142, § 112 made Laws 2023, ch. 142, § 60 effective January 1, 2024.
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