For purposes of Sections 55-9-601 through 55-9-628 NMSA 1978, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
History: 1978 Comp., § 55-9-606, enacted by Laws 2001, ch. 139, § 103.
ANNOTATIONSOFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
1. Source. New.
2. Time of Default. Remedies under this part become available upon the debtor's "default." See section 9-601. This section explains when "default" occurs in the agricultural-lien context. It requires one to consult the enabling statute to determine when the lienholder is entitled to enforce the lien.
Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.