New Mexico § 66-12-6.3 - Security interest in boats; filing effective to give notice

§ 66-12-6.3. Security interest in boats; filing effective to give notice

A. The filing of an application with the division and the issuance of a new certificate

of title by the division as provided in Section 66-12-5.2 NMSA 1978 constitutes constructive notice of all security interests in the boat described in

the application. If the application is received by the division within ten days after the date the

security agreement was executed, constructive notice dates from the time of the execution

of the security agreement. Otherwise, constructive notice dates from the time of receipt noted on the title

application. B. The method provided in this article for perfecting a security interest shall be

exclusive except as to liens dependent upon possession. C. The constructive notice provided for in this section terminates twelve months after

the maturity date of the debt. Unless refiled in a manner prescribed by the division within twelve months after

the maturity date, the division may ignore the security interest in the issuance of

all subsequent certificates of title.