Nothing in this article prevents subordination by agreement by any person entitled to priority.
History: 1978 Comp., § 55-2A-311, enacted by Laws 1992, ch. 114, § 48.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source: — Section 9-316 [55-9-316 NMSA 1978].
Purposes: — The several preceding sections deal with questions of priority. This section is inserted to make it entirely clear that a person entitled to priority may effectively agree to subordinate the claim. Only the person entitled to priority may make such an agreement: the rights of such a person cannot be adversely affected by an agreement to which that person is not a party.
Cross References: — Sections 1-102 and 2A-304 through 2A-310 [55-1-102 and 55-2A-304 to 55-2A-310 NMSA 1978, respectively].
"Agreement". Section 1-201(3) [55-1-201 NMSA 1978].
"Person". Section 1-201(30) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 48 effective July 1, 1992.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Part 3 - EFFECT OF LEASE CONTRACT
Section 55-2A-301 - Enforceability of lease contract.
Section 55-2A-302 - Title to and possession of goods.
Section 55-2A-304 - Subsequent lease of goods by lessor.
Section 55-2A-305 - Sale or sublease of goods by lessee.
Section 55-2A-306 - Priority of certain liens arising by operation of law.
Section 55-2A-308 - Special rights of creditors.
Section 55-2A-309 - Lessor's and lessee's rights when goods become fixtures.
Section 55-2A-310 - Lessor's and lessee's rights when goods become accessions.