Except as otherwise provided in Section 55-9-624 N.M. Stat. Ann., to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:

Terms Used In New Mexico Statutes 55-9-602

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(1) Subparagraph (C) of Paragraph (4) of Subsection (b) of Section 55-9-207 N.M. Stat. Ann., which deals with use and operation of the collateral by the secured party;

(2) Section 55-9-210 N.M. Stat. Ann., which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

(3) Subsection (c) of Section 55-9-607 N.M. Stat. Ann., which deals with collection and enforcement of collateral;

(4) Subsection (a) of Section 55-9-608 and Subsection (c) of Section 55-9-615 N.M. Stat. Ann. to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition;

(5) Subsection (a) of Section 55-9-608 and Subsection (d) of Section 55-9-615 N.M. Stat. Ann. to the extent that they require accounting for or payment of surplus proceeds of collateral;

(6) Section 55-9-609 N.M. Stat. Ann. to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;

(7) Subsection (b) of Section 55-9-610, Sections 55-9-611, 55-9-613 and 55-9-614 N.M. Stat. Ann., which deal with disposition of collateral;

(8) Subsection (f) of Section 55-9-615 N.M. Stat. Ann., which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party or a secondary obligor;

(9) Section 55-9-616 N.M. Stat. Ann., which deals with explanation of the calculation of a surplus or deficiency;

(10)         Sections 55-9-620 through 55-9-622 N.M. Stat. Ann., which deal with acceptance of collateral in satisfaction of obligation;

(11)         Section 55-9-623 N.M. Stat. Ann., which deals with redemption of collateral; (12)         Section 55-9-624 N.M. Stat. Ann., which deals with permissible waivers; and

(13)         Sections 55-9-625 and 55-9-626 N.M. Stat. Ann., which deal with the secured party’s liability for failure to comply with N.M. Stat. Ann. Chapter 55, Article 9.

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