{"data":{"id":"us-nm/42-10-6","jurisdiction":"us-nm","citation":"42-10-6","heading":"Personal property used as a security under the Uniform Commercial Code is not exempt.","body":"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.","path":["Chapter 42 - Actions and Proceedings Relating to Property","ARTICLE 10 Exemptions"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18542/index.do","current_through":"2024-04-27","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"a2ad2fde56f9fcfabd0714c72d9a506db1c5a14bba27ac1b2e4768b35aa52432","source_id":"us-nm","stale":false,"prev":"us-nm/42-10-5","next":"us-nm/42-10-7"},"notice":"GroundRules: Original legal text. Not legal advice."}