New Mexico Statutes 59A-45-9. Assignee subject to defenses
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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 N.M. Stat. Ann.) and is subject to all defenses of the insured notwithstanding that there is an agreement to the contrary.
Terms Used In New Mexico Statutes 59A-45-9
- insurance premium finance agreement: means an agreement by which an insured or a prospective insured promises to pay to any person engaged in the business of premium financing, the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract. See New Mexico Statutes 59A-45-2
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC