A secured creditor who has personal property of the debtor as security as provided by the Uniform Commercial Code [Chapter 55 NMSA 1978] may proceed according to the terms of the security instrument and the Uniform Commercial Code. The debtor cannot exempt personal property given to a secured creditor as security unless there be more property than is necessary to pay the debt to the secured creditor. The debtor may claim an exemption out of the surplus.
History: 1953 Comp., § 24-5-6, enacted by Laws 1971, ch. 215, § 3.
ANNOTATIONSRepeals and reenactments. — Laws 1971, ch. 215, § 3, repealed 24-5-6, 1953 Comp., relating to exemptions for draymen and heads of family engaged in agriculture or medicine, and enacted a new section.
Federal lien avoidance provision superior to section. — The lien avoidance provision of the federal Bankruptcy Code takes priority over this section in a bankruptcy proceeding. Yparrea v. Roswell Prod. Credit Ass'n, 16 Bankr. 33 (Bankr. D.N.M. 1981).
Law reviews. — For note, "Debtor Exemptions in New Mexico," see 6 Nat. Resources J. 467 (1966).
For comment, "A Comparison of State and Federal Exemptions: 11 U.S.C. § 101-1330 (Supp. II 1978)," see 10 N.M.L. Rev. 431 (1980).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 31 Am. Jur. 2d Exemptions § 31.
Farmer as within description of persons entitled to protection of debtor's exemption statute, 107 A.L.R. 614.
35 C.J.S. Exemptions §§ 27 to 30, 47.