Section 55-9-341 – Bank’s rights and duties with respect to deposit account.
Except as otherwise provided in Subsection (c) of Section 55-9-340 NMSA 1978, and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: (1) the creation, attachment or perfection of a security interest in […]
Section 55-9-342 – Bank’s right to refuse to enter into or disclose existence of control agreement.
Chapter 55, Article 9 NMSA 1978 does not require a bank to enter into an agreement of the kind described in Paragraph (2) of Subsection (a) of Section 55-9-104 NMSA 1978, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence […]
Section 55-9-401 – Alienability of debtor’s rights.
(a) Except as otherwise provided in Subsection (b) of this section and Sections 55-9-406 through 55-9-409 NMSA 1978, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than Chapter 55, Article 9 NMSA 1978. (b) An agreement between the debtor and secured party which prohibits a transfer […]
Section 55-9-402 – Secured party not obligated on contract of debtor or in tort.
The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. History: 1978 Comp., § 55-9-402, enacted by Laws 2001, ch. 139, § 64. ANNOTATIONS OFFICIAL […]
Section 55-9-403 – Agreement not to assert defenses against assignee.
(a) In this section, “value” has the meaning provided in Subsection (a) of Section 55-3-303 NMSA 1978. (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable […]
Section 55-9-404 – Rights acquired by assignee; claims and defenses against assignee.
(a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to Subsections (b) through (e) of this section, the rights of an assignee are subject to: (1) all terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from […]
Section 55-9-405 – Modification of assigned contract.
(a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to Subsections (b) […]
Section 55-9-406 – Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective.
(a) Subject to Subsections (b) through (i) of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due […]
Section 55-9-407 – Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest.
(a) Except as otherwise provided in Subsection (b) of this section, a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in […]
Section 55-9-408 – Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective.
(a) Except as otherwise provided in Subsection (b) of this section, a term in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license or franchise, and that prohibits, restricts or requires the consent of the […]