Current through Register Vol. 35, No. 18, September 24, 2024
A. "Buyer in the
ordinary course of business" means a person who, in the ordinary course of
business, buys farm products from a person engaged in farming operations who is
in the business of selling farm products.
B. "Central filing system" means the system
for filing effective financing statements established by the secretary of state
pursuant to Section 4 [56-13-4
NMSA 1978] of the Farm Products Secured Interest Act.
C. "Commission merchant" means any person
engaged in the business of receiving any farm product for sale, on commission
or for or on behalf of another person.
D. "Crop year" for crops grown in soil is the
year in which the crop(s) are harvested or are to be harvested. The crop year
for animals is the calendar year in which they are born or acquired. The crop
year for poultry and eggs is the year in which they are sold or are to be
sold.
E. "Debtor" means the person
subjecting a farm product to a security interest.
F. "Effective financing statement"
(1) means a statement that:
(a) is an original or reproduced copy
thereof;
(b) is signed and filed by
the secured party in the office of the secretary of state;
(c) is signed by the debtor;
(2) An effective financing
statement must include the following information:
(a) the name and address of the secured
party;
(b) the name and address of
the debtor;
(c) the social security
number of the debtor or, in the case of a debtor doing business other than as
an individual, the internal revenue service taxpayer identification number of
such debtor;
(d) a description of
the farm products subject to the security interest;
(e) a list of each county in New Mexico where
the farm product is used or produced or to be used or produced;
(f) the crop year unless every crop of the
farm product in question, for the duration of the effective financing
statement, is to be subject to the particular security interest;
(g) further details of the farm product
subject to the security interest if needed to distinguish it from other
quantities of such product owned by the same person but not subject to the
particular security interest; and
(h) such other information that the secretary
of state may require to comply with Section 1324 of the Food Security Act of
1985, Public Law 99-198 [
7 U.S.C. Section
1631] or to more efficiently carry out the
secretary of state's duties under the Farm Products Secured Interest Act
[56-13-1 to
56-13-14
NMSA 1978];
(3) shall be
amended in writing within three months, similarly signed and filed, to reflect
material changes;
(4) remains
effective for a period of five years from the date of filing, subject to
extensions for additional periods of five years each by refiling or filing a
continuation statement within six months before the expiration of the five-year
period;
(5) lapses on either the
expiration of the effective period of the statement or the filing of a notice
signed by the secured party that the statement is terminated, whichever occurs
first;
(6) is accompanied by the
requisite filing fee set pursuant to Section 6 [56-13-6 NMSA 1978] of the
Farm Products Secured Interest Act; and
(7) substantially complies with the
requirements of this section even though it contains minor errors that are not
seriously misleading; provided, however, for the purpose of this paragraph,
errors in social security numbers and internal revenue service taxpayer
identification numbers do not constitute minor errors. An effective financing
statement may for any given debtor cover more than one farm product located in
more than one county.
G.
"Farm product" means an agricultural commodity, as species of livestock used or
produced in farming operations, or a product of such crop or livestock in its
unmanufactured state, that is in the possession of a person engaged in farming
operations and includes a list of farm products that are covered by this
general definition as prepared by the secretary of state.
H. "Person" means any individual,
partnership, corporation, trust or any other business entity, and the singular
includes the plural.
I. "Security
interest" means an interest in farm products that secures payment or
performance of an obligation.
J.
"Selling agent" means any person, other than a commission merchant, who is
engaged in the business of negotiating the sale and purchase of any farm
product on behalf of a person engaged in farming operations.
K. "System operator" means the operations
division within the office of the secretary of state.
