New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 6 - BUSINESS PRACTICES - UNIFORM COMMERCIAL CODE
Part 2 - FILING PROVISIONS
Section 12.6.2.202 - LAPSE DATE AND TIME

Universal Citation: 12 NM Admin Code 12.6.2.202
Current through Register Vol. 35, No. 18, September 24, 2024

A lapse date is calculated for each initial financing statement (unless the debtor is indicated to be a transmitting utility). The lapse date is the same date of the same month as the filing date in the fifth year after the filing date or relevant subsequent fifth anniversary thereof if a timely continuation statement is filed, but if the initial financing statement indicates that it is filed with respect to a manufactured-home transaction, the lapse date is the same date of the same month as the filing date in the thirtieth year after the filing date. The lapse takes effect at midnight at the end of the lapse date. The relevant anniversary for a February 29 filing date shall be the March 1 in the fifth year following the year of the filing date.

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