reglab/housing_qa huggingface dataset:
NM Stat § 55-9-526 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 5 - FILING|Subpart 2 - DUTIES AND OPERATION OF FILINGOFFICE|Section 55-9-526 - Filing-office rules.

The secretary of state shall adopt and publish rules to implement Sections 55-9-501 through 55-9-526 NMSA 1978. The filing-office rules must be: (a) consistent with Chapter 55, Article 9 NMSA 1978; and (b) adopted and published in accordance with the State Rules Act [Chapter 14, Article 4, NMSA 1978]. History: 1978 Comp., § 55-9-526, enacted by Laws 2001, ch. 139, § 97. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New; subsection (b) derived in part from the Uniform Consumer Credit Code (1974). 2. Rules Required. Operating a filing office is a complicated business, requiring many more rules and procedures than this article can usefully provide. Subsection (a) requires the adoption of rules to carry out the provisions of article 9. The filing-office rules must be consistent with the provisions of the statute and adopted in accordance with local procedures. The publication requirement informs secured parties about filing office practices, aids secured parties in evaluating filing-related risks and costs, and promotes regularity of application within the filing office. 3. Importance of Uniformity. In today's national economy, uniformity of the policies and practices of the filing offices will reduce the costs of secured transactions substantially. The International Association of Corporate Administrators (IACA), referred to in subsection (b), is an organization whose membership includes filing officers from every state. These individuals are responsible for the proper functioning of the article 9 filing system and have worked diligently to develop model filing-office rules, with a view toward efficiency and uniformity. Although uniformity is an important desideratum, subsection (a) affords considerable flexibility in the adoption of filing-office rules. Each state may adopt a version of subsection (a) that reflects the desired relationship between the statewide filing office described in section 9-501(a)(2) and the local filing offices described in section 9-501(a)(1) and that takes into account the practices of its filing offices. Subsection (a) need not designate a single official or agency to adopt rules applicable to all filing offices, and the rules applicable to the statewide filing office need not be identical to those applicable to the local filing office. For example, subsection (a) might provide for the statewide filing office to adopt filing-office rules, and, if not prohibited by other law, the filing office might adopt one set of rules for itself and another for local offices. Or, subsection (a) might designate one official or agency to adopt rules for the statewide filing office and another to adopt rules for local filing offices. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-603 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-603 - Agreement on standards concerning rights and duties.

(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 55-9-602 NMSA 1978 if the standards are not manifestly unreasonable. (b) Subsection (a) of this section does not apply to the duty under Section 55-9-609 NMSA 1978 to refrain from breaching the peace. History: 1978 Comp., § 55-9-603, enacted by Laws 2001, ch. 139, § 100. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Former section 9-501(3). 2. Limitation on Ability to Set Standards. Subsection (a), like former section 9-501(3), permits the parties to set standards for compliance with the rights and duties under this part if the standards are not "manifestly unreasonable." Under subsection (b), the parties are not permitted to set standards measuring fulfillment of the secured party's duty to take collateral without breaching the peace. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-605 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-605 - Unknown debtor or secondary obligor.

A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or (2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (A) that the person is a debtor; and (B) the identity of the person. History: 1978 Comp., § 55-9-605, enacted by Laws 2001, ch. 139, § 102. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Duties to Unknown Persons. This section relieves a secured party from duties owed to a debtor or obligor, if the secured party does not know about the debtor or obligor. Similarly, it relieves a secured party from duties owed to a secured party or lienholder who has filed a financing statement against the debtor, if the secured party does not know about the debtor. For example, a secured party may be unaware that the original debtor has sold the collateral subject to the security interest and that the new owner has become the debtor. If so, the secured party owes no duty to the new owner (debtor) or to a secured party who has filed a financing statement against the new owner. This section should be read in conjunction with the exculpatory provisions in section 9-628. Note that it relieves a secured party not only from duties arising under this article but also from duties arising under other law by virtue of the secured party's status as such under this article, unless the other law otherwise provides. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-606 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-606 - Time of default for agricultural lien.

For purposes of Sections 55-9-601 through 55-9-628 NMSA 1978, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History: 1978 Comp., § 55-9-606, enacted by Laws 2001, ch. 139, § 103. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Time of Default. Remedies under this part become available upon the debtor's "default." See section 9-601. This section explains when "default" occurs in the agricultural-lien context. It requires one to consult the enabling statute to determine when the lienholder is entitled to enforce the lien. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-612 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-612 - Timeliness of notification before disposition of collateral.

(a) Except as otherwise provided in Subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition. History: 1978 Comp., § 55-9-612, enacted by Laws 2001, ch. 139, § 109. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Reasonable Notification. Section 9-611(b) requires the secured party to send a "reasonable authenticated notification." Under that section, as under former section 9-504(3), one aspect of a reasonable notification is its timeliness. This generally means that the notification must be sent at a reasonable time in advance of the date of a public disposition or the date after which a private disposition is to be made. A notification that is sent so near to the disposition date that a notified person could not be expected to act on or take account of the notification would be unreasonable. 3. Timeliness of Notification: Safe Harbor. The 10-day notice period in subsection (b) is intended to be a "safe harbor" and not a minimum requirement. To qualify for the "safe harbor" the notification must be sent after default. A notification also must be sent in a commercially reasonable manner. See section 9-611(b) ("reasonable authenticated notification"). These requirements prevent a secured party from taking advantage of the "safe harbor" by, for example, giving the debtor a notification at the time of the original extension of credit or sending the notice by surface mail to a debtor overseas. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-622 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-622 - Effect of acceptance of collateral.

(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor's rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest. (b) A subordinate interest is discharged or terminated under Subsection (a) of this section, even if the secured party fails to comply with Chapter 55, Article 9 NMSA 1978. History: 1978 Comp., § 55-9-622, enacted by Laws 2001, ch. 139, § 119. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Effect of Acceptance. Subsection (a) specifies the effect of an acceptance of collateral in full or partial satisfaction of the secured obligation. The acceptance to which it refers is an effective acceptance. If a purported acceptance is ineffective under section 9-620, e.g., because the secured party receives a timely objection from a person entitled to notification, then neither this subsection nor subsection (b) applies. Paragraph (1) expresses the fundamental consequence of accepting collateral in full or partial satisfaction of the secured obligation - the obligation is discharged to the extent consented to by the debtor. Unless otherwise agreed, the obligor remains liable for any deficiency. Paragraphs (2) through (4) indicate the effects of an acceptance on various property rights and interests. Paragraph (2) follows section 9-617(a) in providing that the secured party acquires "all of a debtor's rights in the collateral." Under paragraph (3), the effect of strict foreclosure on holders of junior security interests and other liens is the same regardless of whether the collateral is accepted in full or partial satisfaction of the secured obligation: All junior encumbrances are discharged. Paragraph (4) provides for the termination of other subordinate interests. Subsection (b) makes clear that subordinate interests are discharged under subsection (a) regardless of whether the secured party complies with this article. Thus, subordinate interests are discharged regardless of whether a proposal was required to be sent or, if required, was sent. However, a secured party's failure to send a proposal or otherwise to comply with this article may subject the secured party to liability under section 9-625. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
NM Stat § 55-9-624 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 6 - DEFAULT|Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST|Section 55-9-624 - Waiver.

(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 55-9-611 NMSA 1978 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under Subsection (e) of Section 55-9-620 NMSA 1978 only by an agreement to that effect entered into and authenticated after default. (c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 55-9-623 NMSA 1978 only by an agreement to that effect entered into and authenticated after default. History: 1978 Comp., § 55-9-624, enacted by Laws 2001, ch. 139, § 121. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Former Sections 9-504(3), 9-505, 9-506 [55-9-50455-9-505, 55-9-506 NMSA 1978, respectively]. 2. Waiver. This section is a limited exception to Section 9-602 [55-9-602 NMSA 1978], which generally prohibits waiver by debtors and obligors. It makes no provision for waiver of the rule prohibiting a secured party from buying at its own private disposition. Transactions of this kind are equivalent to "strict foreclosures" and are governed by Sections 9-620, 9-621, and 9-622 [55-9-620, 55-9-621, 55-9-622 NMSA 1978, respectively]. Effective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001. Am. Jur. 2d, A.L.R. and C.J.S. references. — 68A Am. Jur. 2d Secured Transactions § 704 et seq. Rights and duties of parties to conditional sales contract as to resale of repossessed property, 49 A.L.R.2d 15. Construction and operation of U.C.C. § 9-505(2) authorizing secured party in possession of collateral to retain it in satisfaction of obligation, 55 A.L.R.3d 651. Loss or modification of right to notification of sale of repossessed collateral under Uniform Commercial Code § 9-504, 9 A.L.R.4th 552. 79 C.J.S. Secured Transactions § 179.