A. A document of title issued or a bailment that arises before the effective date of this act and the rights, obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had not occurred and may be terminated, completed, consummated or enforced under that statute or other rule.

B. The provisions of Article 7 of the Uniform Commercial Code do not repeal or modify any laws prescribing the form or contents of documents of title or the services or facilities to be afforded by bailees, or otherwise regulating bailees' businesses in respects not specifically dealt with in the Uniform Commercial Code; but the fact that such laws are violated does not affect the status of a document of title that otherwise conforms with the definition of a document of title.

History: Laws 2005, ch. 144, § 111; 2015, ch. 54, § 7.

The 2015 amendment, effective July 1, 2015, amended the Uniform Commercial Code, as enacted by New Mexico, to make it uniform; designated the previously undesignated language in the section as Subsection A; and added Subsection B.

Temporary provisions. — Laws 2005, ch. 144, § 110 provided that a document of title issued or a bailment that arises before the effective date of Laws 2005, ch. 144, § 111 (January 1, 2006), and the rights, obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or replaced by this act as if amendment or repeal had not occurred and may be terminated, completed, consummated or enforced under that statute or other rule.