2006 New Mexico Statutes - 55-9-618 — Rights and duties of certain secondary obligors.

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.