Section 55-9-702 – Saving clause.
(a) Except as otherwise provided in Sections 146 through 155 [55-9-701 to 55-9-710 NMSA 1978] of this act, its provisions apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise provided in Subsection (c) of this section […]
Section 55-9-703 – Temporary transition provision; security interest perfected before effective date.
(a) A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied […]
Section 55-9-704 – Temporary transition provision; security interest unperfected before effective date.
A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest until midnight June 30, 2002; (2) remains enforceable on and after July 1, 2002 if the security interest becomes […]
Section 55-9-705 – Temporary transition provision; effectiveness of action taken before effective date.
(a) If action, other than the filing of a financing statement, is taken before July 1, 2001, and if the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before that date, the action is effective to […]
Section 55-9-621 – Notification of proposal to accept collateral.
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; (2) any […]
Section 55-9-622 – Effect of acceptance of collateral.
(a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject […]
Section 55-9-623 – Right to redeem collateral.
(a) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney fees described in Paragraph (1) of Subsection (a) of Section 55-9-615 NMSA 1978. (c) A […]
Section 55-9-614 – Contents and form of notification before disposition of collateral; consumer-goods transaction.
In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in Subsection (1) of Section 55-9-613 NMSA 1978; (B) a description of any liability for a deficiency of the person to which the notification is sent; (C) a telephone number from which the […]
Section 55-9-615 – Application of proceeds of disposition; liability for deficiency and right to surplus.
(a) A secured party shall apply or pay over for application the cash proceeds of disposition pursuant to Section 55-9-610 NMSA 1978 in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney […]
Section 55-9-616 – Explanation of calculation of surplus or deficiency.
(a) In this section: (1) “explanation” means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with Subsection (c) of this section of how the secured party calculated the surplus or deficiency; (C) states, if applicable, that future debits, credits, charges, including additional credit service charges […]