N.M. Stat. § 55-9-326
Priority of security interests created by new debtor.
(a) Subject to Subsection (b) of this section, a security interest that is created by a
new debtor in collateral in which the new debtor has or acquires rights and is perfected
solely by a filed financing statement that would be ineffective to perfect the security
interest but for the application of Paragraph (1) of Subsection (i) of Section 55-9-316 or
Section 55-9-508 NMSA 1978 is subordinate to a security interest in the same collateral
that is perfected other than by such a filed financing statement.
(b) The other provisions of Sections 55-9-301 through 55-9-342 NMSA 1978
determine the priority among conflicting security interests in the same collateral
perfected by filed financing statements described in Subsection (a) of this section.
However, if the security agreements to which a new debtor became bound as debtor
were not entered into by the same original debtor, the conflicting security interests rank
according to priority in time of the new debtor having become bound.