N.M. Admin. Code § 12.6.2.134

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.6.2.134 - AMENDMENT

Upon the filing of an amendment the status of the parties and the status of the financing statement shall be as follows.

A. Status of secured party and debtor. An amendment shall affect the status of its debtor(s) and secured party(ies) as follows:

(1) Collateral amendment or address change. An amendment that amends only the collateral description or one or more addresses has no effect upon the status of any debtor or secured party. If a statement of amendment is authorized by less than all of the secured parties (or, in the case of an amendment that adds collateral, less than all of the debtors), the statement affects only the interests of each authorizing secured party (or debtor).

(2) Debtor name change. An amendment that changes a debtor's name has no effect on the status of any debtor or secured party, except that the related initial financing statement and all UCC documents that include an identification of such initial financing statement shall be cross-indexed in the UCC information management system so that a search under either the debtor's old name or the debtor's new name will reveal such initial financing statement and such related UCC documents. Such a statement of amendment affects only the rights of its authorizing secured party(ies).

(3) Secured party name change. An amendment that changes the name of a secured party has no effect on the status of any debtor or any secured party, but the new name is added to the index as if it were a new secured party of record.

(4) Addition of a debtor. An amendment that adds a new debtor name has no effect upon the status of any party to the financing statement, except the new debtor name shall be added as a new debtor on the financing statement. The addition shall affect only the rights of the secured party(ies) authorizing the statement of amendment.

(5) Addition of a secured party. An amendment that adds a new secured party shall not affect the status of any party to the financing statement, except that the new secured party name shall be added as a new secured party on the financing statement.

(6) Deletion of a debtor. An amendment that deletes a debtor has no effect on the status of any party to the financing statement, even if the amendment purports to delete all debtors.

(7) Deletion of a secured party. An amendment that deletes a secured party of record has no effect on the status of any party to the financing statement, even if the amendment purports to delete all secured parties of record.

B. Status of financing statement. An amendment shall have no effect upon the status of the financing statement, except that a continuation may extend the period of effectiveness of a financing statement.

C. Multiple actions are permissible on an amendment in any combination (such as a debtor name change and a continuation) except for an amendment that is filed to continue and terminate a filing. There is no additional fee for amendments with multiple actions.

D. When an amendment is filed to change the name(s) of the debtor(s) and/or secured party(ies) or their respective addresses, the filing office will add to the record new debtor(s) or secured party(ies) as presented on the amendment. The filing office will not change the spelling of a debtor(s) or secured party(ies) or addresses that exist on the record to conform to the spelling presented on the amendment.

N.M. Admin. Code § 12.6.2.134

12.6.2.134 NMAC - N, 7/1/2001