Section 55-9-110 - Security interests arising under Chapter 55, Article 2 or 2A NMSA 1978A security interest arising under Section 55-2-401, 55-2-505, Subsection (3) of Section 55-2-711 or Subsection (5) of Section 55-2A-508 NMSA 1978 is subject to Chapter 55, Article 9 NMSA 1978. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if Paragraph (3) of Subsection (b) of Section 55-9-203 NMSA 1978 has not been satisfied;(2) filing is not required to perfect the security interest;(3) the rights of the secured party after default by the debtor are governed by Chapter 55, Article 2 or 2A NMSA 1978; and(4) the security interest has priority over a conflicting security interest created by the debtor.1978 Comp., § 55-9-110, enacted by Laws 2001, ch. 139, § 10.