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 […]
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 55-9-601 – 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 […]