N.M. Stat. § 72-16-60
Negotiability.
Subject to the payment provisions herein specifically provided, said notes, warrants,
bonds, any interest coupons thereto attached, temporary bonds, and interim debentures
shall be fully negotiable within the meaning of and for all the purposes of the Uniform
Commercial Code [Chapter 55 NMSA 1978], except as the board may otherwise
provide; and each holder of such security, or of any coupon appertaining thereto, by
accepting such security or coupon shall be conclusively deemed to have agreed that
such security or coupon (except as otherwise provided) is and shall be fully negotiable
within the meaning and for all purposes of said code.