Statutes > New Mexico Statutes > Chapter 42 - Actions and Proceedings Relating to Property. > Article 10 - Exemptions, 42-10-1 through 42-10-13. > Section 42-10-6 - Personal property used as a security under the Uniform Commercial Code is not exempt.

Section 42-10-6 - Personal property used as a security under the Uniform Commercial Code is not exempt.

42-10-6. Personal property used as a security under the Uniform Commercial Code is not exempt.

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.