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 […]
Section 55-9-604 – Procedure if security agreement covers real property or fixtures.
(a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under Sections 55-9-601 through 55-9-628 NMSA 1978 as to the personal property without prejudicing any rights with respect to the real property; or (2) as to both the personal property and the real property in accordance with the […]
Section 55-9-605 – Unknown debtor or secondary obligor.
A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or (2) […]
Section 55-9-606 – Time of default for agricultural lien.
For purposes of Sections 55-9-601 through 55-9-628 NMSA 1978, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History: 1978 Comp., § 55-9-606, enacted by Laws 2001, ch. 139, § 103. ANNOTATIONS OFFICIAL […]
Section 55-9-607 – Collection and enforcement by secured party.
(a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) may take any proceeds to which the secured party is entitled under Section […]
Section 55-9-608 – Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Section 55-9-607 NMSA 1978 in the following order to: (A) the reasonable expenses of collection and enforcement […]