New Mexico § 55-9-209 Duties of secured party if account debtor has been

New Mexico Statutes

§ 55-9-209 — Duties of secured party if account debtor has been

New Mexico § 55-9-209

Ch. 55Uniform Commercial Code

Art. 9Secured Transactions

This text of New Mexico § 55-9-209 (Duties of secured party if account debtor has been) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 55-9-209 (2026).

Text

notified of assignment.

(a)Except as otherwise provided in Subsection (c) of this section, this section applies if:

(1)there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations or otherwise give value.

(b)Within ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under Subsection (a) of Section 55-9-406 NMSA 1978 or Subsection (b) of Section 55-12-106 NMSA 1978 of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party.

(c)This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible.

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notified of assignment. (a) Except as otherwise provided in Subsection (c) of this section, this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations or otherwise give value. (b) Within ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under Subsection (a) of Section 55-9-406 NMSA 1978 or Subsection (b) of Section 55-12-106 NMSA 1978 of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party. (c) This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible.