New Mexico Statutes
§ 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 the secured party; or (3) is subrogated to the rights of a secured party with respect to collateral.
(b)An assignment, transfer or subrogation described in Subsection (a) of this section:
(1)is not a disposition of collateral under Section 55-9-610 NMSA 1978; and (2) relieves the secured party of further duties under Chapter 55, Article 9 NMSA 1978.
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New Mexico § 55-9-618 (Rights and duties of certain secondary obligors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1978 Comp., § 55-9-618, enacted by Laws 2001, ch. 139, § 115.
Nearby Sections
15
§ 55-1-101
Short titles§ 55-1-102
Scope of article§ 55-1-104
Construction against implicit repeal§ 55-1-105
Severability§ 55-1-106
Use of singular and plural; gender§ 55-1-107
Section captions§ 55-1-109
Repealed§ 55-1-110
Repealed§ 55-1-201
General definitions§ 55-1-202
Notice; knowledge§ 55-1-204
Value§ 55-1-205
Reasonable time; seasonableness