New Mexico § 55-9-618 Rights and duties of certain secondary obligors

New Mexico Statutes

§ 55-9-618 — Rights and duties of certain secondary obligors

New Mexico § 55-9-618

Ch. 55Uniform Commercial Code

Art. 9Secured Transactions

This text of New Mexico § 55-9-618 (Rights and duties of certain secondary obligors) 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. § 55-9-618 (2026).

Text

(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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(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.