§ 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 55-9-207 NMSA 1978, which deals with use and operation of the collateral by the secured party; (2) Section 55-9-210 NMSA 1978, which deals with requests for an accounting and requests concerning a list of collateral and statement of account; (3) Subsection (c) of Section 55-9-607 NMSA 1978, which deals with collection and enforcement of collateral; (4) Subsection (a) of Section 55-9-608 and Subsection (c) of Section 55-9-615 NMSA 1978 to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition; (5) Subsection (a) of Section 55-9-608 and Subsection (d) of Section 55-9-615 NMSA 1978 to the extent that they require accounting for or payment of surplus proceeds of collateral; (6) Section 55-9-609 NMSA 1978 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace; (7) Subsection (b) of Section 55-9-610, Sections 55-9-611, 55-9-613 and 55-9-614 NMSA 1978, which deal with disposition of collateral; (8) Subsection (f) of Section 55-9-615 NMSA 1978, which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party or a secondary obligor; (9) Section 55-9-616 NMSA 1978, which deals with explanation of the calculation of a surplus or deficiency; (10) Sections 55-9-620 through 55-9-622 NMSA 1978, which deal with acceptance of collateral in satisfaction of obligation; (11) Section 55-9-623 NMSA 1978, which deals with redemption of collateral; (12) Section 55-9-624 NMSA 1978, which deals with permissible waivers; and (13) Sections 55-9-625 and 55-9-626 NMSA 1978, which deal with the secured party's liability for failure to comply with Chapter 55, Article 9 NMSA 1978.

Legislative History

1978 Comp., § 55-9-602, enacted by Laws 2001, ch. 139, § 99.