(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.
OFFICIAL 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.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 9 - Secured Transactions
Subpart 1 - DEFAULT AND ENFORCEMENT OFSECURITY INTEREST
Section 55-9-602 - Waiver and variance of rights and duties.
Section 55-9-603 - Agreement on standards concerning rights and duties.
Section 55-9-604 - Procedure if security agreement covers real property or fixtures.
Section 55-9-605 - Unknown debtor or secondary obligor.
Section 55-9-606 - Time of default for agricultural lien.
Section 55-9-607 - Collection and enforcement by secured party.
Section 55-9-609 - Secured party's right to take possession after default.
Section 55-9-610 - Disposition of collateral after default.
Section 55-9-611 - Notification before disposition of collateral.
Section 55-9-612 - Timeliness of notification before disposition of collateral.
Section 55-9-613 - Contents and form of notification before disposition of collateral; general.
Section 55-9-616 - Explanation of calculation of surplus or deficiency.
Section 55-9-617 - Rights of transferee of collateral.
Section 55-9-618 - Rights and duties of certain secondary obligors.
Section 55-9-619 - Transfer of record or legal title.
Section 55-9-621 - Notification of proposal to accept collateral.
Section 55-9-622 - Effect of acceptance of collateral.