National Investment Trust v. First National Bank (1975)
Decided: December 9, 1975. Full primary opinion retrieved on an unofficial reporter host; reader-only versus raw-body provenance is identified in the New Mexico source catalog. case-national
Source note (2026-10-18):
- source replaced 2026-10-18: static.case.law robots-disallowed; official copy at NM OneSource (New Mexico Compilation Commission, official) (replaces
https://static.case.law/nm/125/cases/0038-01.json; retrieval dates stated elsewhere on this page refer to the earlier copy). - source replaced 2026-10-18: static.case.law robots-disallowed; official copy at NM OneSource (New Mexico Compilation Commission, official) (replaces
https://static.case.law/nm/88/cases/0514-01.json; retrieval dates stated elsewhere on this page refer to the earlier copy).
Facts
The bank filed a security interest in present/after-acquired furniture inventory before the debtor took an assignment of a commercial lease. Later cash-on-delivery inventory arrived on the premises. The landlord’s lien and bank security attached to those goods at delivery; the trial court preferred the landlord. case-national
Holding and disposition
Reversed for entry of judgment for the bank. The lease assignment preserved landlord rights only for the assignee’s postassignment liabilities under the agreement. The landlord lien on later-acquired inventory arose when goods reached the premises; the debtor’s rights, lender attachment and perfection also occurred on delivery. On those simultaneous-attachment facts, the already recorded lender prevailed over the subsequently created tenancy claim. case-national
Reasoning and complete remedial treatment
The court used New Mexico lien case law rather than assuming the UCC directly resolved statutory landlord priority. A lender whose financing preceded the new tenancy could not have notice of a nonexistent landlord claim; the landlord had notice of the recorded security. The court distinguished earlier landlord attachment from simultaneous attachment, rather than declaring all landlords always junior. case-national
Practical impact and limits
The holding concerns commercial inventory and its actual assignment/filing/delivery chronology, not a general private-sale title discharge or all agricultural liens. Current §48-3-5 excludes dwelling units; current agricultural liens additionally implicate §55-9-322(g), separately addressed in new-mexico. case-national
Treatment and currentness boundary
Security Pacific v. Signfilled, 1998-NMCA-046, paragraph12, expressly cites this decision for perfected security priority over a subsequent landlord lien. That full opinion was retrieved and reviewed, not merely its annotation. Earlier UCC section numbering in both opinions is historical; current law must be read independently. No exhaustive treatment certificate is claimed. case-national case-signfilled
Applies in →
new-mexico · court-ordered-administrative-and-creditor-sales
Disclaimer. This page is legal information, not legal advice. It summarizes a court decision that may have been limited or distinguished by later authority. Nothing here creates an attorney-client relationship. Read the full opinion and consult a licensed attorney before acting.