New Mexico § 55-9-623 Right to redeem collateral

New Mexico Statutes

§ 55-9-623 — Right to redeem collateral

New Mexico § 55-9-623

Ch. 55Uniform Commercial Code

Art. 9Secured Transactions

This text of New Mexico § 55-9-623 (Right to redeem 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. § 55-9-623 (2026).

Text

(a)A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.

(b)To redeem collateral, a person shall tender:

(1)fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney fees described in Paragraph (1) of Subsection (a) of Section 55-9-615 NMSA 1978.

(c)A redemption may occur at any time before a secured party:

(1)has collected collateral under Section 55-9-607 NMSA 1978;

(2)has disposed of collateral or entered into a contract for its disposition under Section 55-9-610 NMSA 1978; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 55-9-622 NMSA 1978.

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(a) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney fees described in Paragraph (1) of Subsection (a) of Section 55-9-615 NMSA 1978. (c) A redemption may occur at any time before a secured party: (1) has collected collateral under Section 55-9-607 NMSA 1978; (2) has disposed of collateral or entered into a contract for its disposition under Section 55-9-610 NMSA 1978; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 55-9-622 NMSA 1978.