Section 55-9-624 – Waiver.
(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 55-9-611 NMSA 1978 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under Subsection (e) of Section 55-9-620 NMSA 1978 only […]
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 55-9-617 – Rights of transferee of collateral.
(a) A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or other subordinate lien. (b) A transferee that acts in good faith takes […]
Section 55-9-618 – Rights and duties of certain secondary obligors.
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of […]
Section 55-9-619 – Transfer of record or legal title.
(a) In this section, “transfer statement” means a record authenticated by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its post-default remedies with respect to the collateral; (3) that, by reason of the exercise, a transferee has […]
Section 55-9-620 – Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
(a) Except as otherwise provided in Subsection (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) the debtor consents to the acceptance under Subsection (c) of this section; (2) the secured party does not receive, within the time set forth in […]
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 […]