Section 55-9-610 – Disposition of collateral after default.
(a) After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, must be commercially reasonable. If commercially […]
Section 55-9-611 – Notification before disposition of collateral.
(a) In this section, “notification date” means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) the debtor and any secondary obligor waive the right to notification. (b) Except as otherwise provided in Subsection (d) of this section, […]
Section 55-9-612 – Timeliness of notification before disposition of collateral.
(a) Except as otherwise provided in Subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in […]
Section 55-9-613 – Contents and form of notification before disposition of collateral; general.
Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) states the method of intended disposition; (D) states that the debtor is […]
Section 55-9-526 – Filing-office rules.
The secretary of state shall adopt and publish rules to implement Sections 55-9-501 through 55-9-526 NMSA 1978. The filing-office rules must be: (a) consistent with Chapter 55, Article 9 NMSA 1978; and (b) adopted and published in accordance with the State Rules Act [Chapter 14, Article 4, NMSA 1978]. History: 1978 Comp., § 55-9-526, enacted […]
Section 55-9-601 – Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.
(a) After default, a secured party has the rights provided in Sections 55-9-601 through 55-9-628 NMSA 1978 and, except as otherwise provided in Section 55-9-602 NMSA 1978, those provided by agreement of the parties. A secured party: (1) may reduce a claim to judgment, foreclose or otherwise enforce the claim, security interest or agricultural lien […]
Section 55-9-602 – Waiver and variance of rights and duties.
Except as otherwise provided in Section 55-9-624 NMSA 1978, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Subparagraph (C) of Paragraph (4) of Subsection (b) of […]
Section 55-9-603 – Agreement on standards concerning rights and duties.
(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 55-9-602 NMSA 1978 if the standards are not manifestly unreasonable. (b) Subsection (a) of this section does not apply to the duty […]
Section 55-9-520 – Acceptance and refusal to accept record.
(a) The secretary of state shall refuse to accept a record for filing for a reason set forth in Subsection (b) of Section 55-9-516 NMSA 1978 and may refuse to accept a record for filing only for a reason set forth in that subsection. (b) If a filing office refuses to accept a record for […]
Section 55-9-521 – Form of financing statement and amendment; records.
(a) A filing office that accepts written records may not refuse to accept a written initial financing statement that is in the following form and format, except for a reason set forth in Subsection (b) of Section 55-9-516 NMSA 1978: “UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) _______________________________________________________ […]