State Codes and Statutes
Statutes > New-mexico > Chapter-42 > Article-10 > Section-42-10-642-10-6. 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.
