2017 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 9 - Secured Transactions
Part 6 - DEFAULT
Subpart 1 - . DEFAULT AND ENFORCEMENT OFSECURITY INTEREST
Section 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.
History: 1978 Comp., 55-9-618, enacted by Laws 2001, ch. 139, 115.
