N.M. Admin. Code § 15.1.21.8

Current through Register Vol. 35, No. 21, November 5, 2024

Section 15.1.21.8 - APPROVALS REQUIRED; APPLICABILITY; SCOPE OF APPROVAL

A. A person may not enforce a security interest in gaming property collateral except as set forth in this rule. Any attempt to enforce a security interest is void if the secured party has not complied with the requirements of this rule.

B. This rule does not apply to the enforcement of a security interest in property other than gaming property collateral.

C. Notwithstanding any other provision of this rule, approval is not required under this rule to enforce a security interest in a security issued by a company licensee if the licensee has ceased all gaming activities and has surrendered the license to the board before enforcement of the security interest.

D. The granting of an approval pursuant to this rule does not constitute any of the following:

(1) determination by the board as to the validity or enforceability of a security interest;

(2) licensing, registration, or finding of suitability of the secured party; or

(3) approval of any further sale, transfer, or other disposition of the gaming property collateral after the enforcement of the security interest.

N.M. Admin. Code § 15.1.21.8

N, 4/30/99; 15.1.21.8 NMAC - Rn, 15 NMAC 1.21.8, 2/14/02