(a) As used in Chapter 55, Article 12A NMSA 1978:
(1) "adjustment date" means July 1, 2025;
(2) "Article 12" means Article 12 of the Uniform Commercial Code; and
(3) "Article 12 property" means a controllable account, controllable electronic record or controllable payment intangible.
(b) The following definitions in other articles of the Uniform Commercial Code apply to this article:
(1) "controllable account", as provided in Section 55-9-102 NMSA 1978;
(2) "controllable electronic record", as provided in Section 55-12-102 NMSA 1978;
(3) "controllable payment intangible", as provided in Section 55-9-102 NMSA 1978;
(4) "electronic money", as provided in Section 55-9-102 NMSA 1978; and
(5) "financing statement", as provided in Section 55-9-102 NMSA 1978.
(c) Article 1 of the Uniform Commercial Code contains general definitions and principles of construction and interpretation applicable throughout this article.
UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Subsection headings. — Subsection headings are not a part of the official text itself and have not been approved by the sponsors.