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New Mexico Repossession Laws
Quick Answers:
Where do I refer to for Title or
License Registration?
For state Title and License Information,
refer to:
New Mexico Motor Vehicle Division
P. O. Box 1028
Santa Fe, New Mexico 87504
Telephone: (505) 827-2220
Fee for search of records is $1.10.
Security Interests:
Shown on title held by lienholder.
Recording Requirements:
Per the
Uniform Commercial Code (UCC)
adopted in September, 1962: With
County Clerk in county where
property is situated or is about to
be removed. All liens on motor
vehicles must appear on certificate
of title.
Recovery Requirements:
As per the UCC, repossession is
allowed and permitted as long as it
is peaceful. If repossession
discussed with debtor the secured
party must give a ten day notice
otherwise peaceful repossession
permitted.
Redemption Requirements:
None.
Deficiency Requirements:
Only if
contract permits repossession, sale
and deficiency.
Special Motor Vehicle Provisions:
No provisions.
Documents Required to Transfer
Ownership of Motor Vehicle:
Title certification in lienholder's
name; certified copy of contract;
notarized Power of Attorney;
notarized Bill of Sale.
Documents Required for
Liquidation:
Title Release of Lien, Affidavit of
Repossession, and Bill of Sale.
Plates:
Remain with the
owner / debtor. "The
registered owner of the vehicle,
upon transfer of ownership, is
responsible for removing the license
plate from the vehicle to be sold or
traded in. The
owner has 30 days to either place it
on another vehicle of the same class
or have it cancelled by the
Division" From
http://www.state.nm.us/tax/pubs/mvdvehicle03.htm#_Toc497115411
All recovery requirements and fees are
current as of 2002.
Quick-Repo.com does not warrant the accuracy of these laws. The laws
listed on Quick-Repo.com are
only a starting point for reference,
and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or
state if you have any questions
about repossession service there.
View
repo laws at
RepoLaws.info and
repossession laws at
RepossessionLaws.info
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