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FEDERAL RESERVE BANK OF D A LL A S June 28, 1929. C A N C E L L A T IO N O F C IR C U L A R DATED A P R IL 4 , 1 9 2 7 Ta Member Banks of the Eleventh Federal Reserve District Located in the State of New Mexico: Repeal of Law requiring certification to the Secretary of State of the filing of chattel mortgages covering “migratory chattels.” Under date of April 4, 1927, we addressed a circular to our member banks in New Mexico calling their attention to Sections 4 and 5 of Chapter 25 of the 1925 Laws of New Mexico, relative to so-called “migratory chat tels.” Attention was directed to the fact that under the provisions of the Act mentioned, in order to be effective against subsequent parties, it was neces sary that certification be made to the Secretary of State that chattel mort gages upon neat cattle, sheep and motor vehicles had been filed in the office of the proper County Clerk, and member banks in New Mexico were accord ingly requested to furnish us with certified copies of such certificates in connection with notes offered to us for rediscount or as collateral. We are advised that, effective June 7, 1929, Section 4 of the Act men tioned has been amended and Section 5 thereof repealed, making it unneces sary to certify to the Secretary of State the filing of mortgages on chattels heretofore mentioned. Our circular of April 4, 1927, is therefore revoked and it will no longer be necessary to furnish us with copies of such cer tifications. The foregoing of course has no reference to the filing of chattel mort gages with County Clerks and, as heretofore, chattel mortgage notes of fered to us for rediscount or as collateral should be accompanied by copies of the mortgages with Clerk’s certificate of filing. Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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