N.M. Stat. » Chapter 55 — Uniform Commercial Code
New Mexico Statutes

N.M. Stat. § 55-9-624 (2026)

Waiver

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(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 signed 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 signed 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 signed after default.

History: 1978 Comp., § 55-9-624, enacted by Laws 2001, ch. 139, § 121; 2023, ch. 142, § 93.

OFFICIAL 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 [55-9-504(3), 55-9-505, 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, and 55-9-622 NMSA 1978, respectively].

3. "Signed" Replaces "Authenticated." Consistent with the revised definition of "sign" in Section 1-201, the cognate term "signed" replaces the references to "authenticated" in the pre-2022 text of this section.

ANNOTATIONS

The 2023 amendment, effective January 1, 2024, substituted each occurrence of "authenticated" with "signed" throughout the section.

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.

SUBPART 2. NONCOMPLIANCE WITH ARTICLE

Notes of Decisions
Cited in 1 case, 2012–2012 · leading case: Yaryan-Parks Trust v. Martinez (In re Martinez), 476 B.R. 627 (Bankr. D.N.M. 2012).
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Yaryan-Parks Trust v. Martinez (In re Martinez), 476 B.R. 627 (Bankr. D.N.M. 2012). · cites it 6× “in the collateral subordinate to the security interest that is the subject of the proposal; (3) the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and (4) Subsection (e) of this section does not…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.