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2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 45 - Premium Financing
Section 59A-45-9 - Assignee subject to defenses.
Universal Citation: NM Stat § 59A-45-9 (2020)
An assignee of the rights of a creditor under an insurance premium finance agreement, for the purchase of insurance primarily for personal, family or household purposes, is a holder within the meaning of the Uniform Commercial Code (55-1-101 to 55-9-507 NMSA 1978) and is subject to all defenses of the insured notwithstanding that there is an agreement to the contrary.
History: Laws 1984, ch. 127, § 840.
ANNOTATIONSCross references. — For negotiable instrument provisions of Uniform Commercial Code, see 55-3-101 NMSA 1978, et seq.
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