New Mexico § 55-9-622 Effect of acceptance of collateral

New Mexico Statutes

§ 55-9-622 — Effect of acceptance of collateral

New Mexico § 55-9-622

Ch. 55Uniform Commercial Code

Art. 9Secured Transactions

This text of New Mexico § 55-9-622 (Effect of acceptance of collateral) 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. § 55-9-622 (2026).

Text

(a)A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1)discharges the obligation to the extent consented to by the debtor;

(2)transfers to the secured party all of a debtor's rights in the collateral;

(3)discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest.

(b)A subordinate interest is discharged or terminated under Subsection (a) of this section, even if the secured party fails to comply with Chapter 55, Article 9 NMSA 1978.

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(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor's rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest. (b) A subordinate interest is discharged or terminated under Subsection (a) of this section, even if the secured party fails to comply with Chapter 55, Article 9 NMSA 1978.