Any sales finance company may purchase or acquire, or agree to purchase or acquire, from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.
History: 1978 Comp., § 58-19-14, enacted by Laws 1983, ch. 99, § 1.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 19 - Motor Vehicle Sales Finance
Section 58-19-1 - Short title.
Section 58-19-2 - Definitions.
Section 58-19-4 - Suspension or revocation of licenses; renewal license denied; appeals.
Section 58-19-5 - Investigations; complaints; examinations; fees.
Section 58-19-6 - Powers of director.
Section 58-19-7 - Retail installment contracts; requirements; prohibitions.
Section 58-19-9 - Credit upon anticipation of payments.
Section 58-19-10 - Refinancing retail installment contract.
Section 58-19-10.1 - Loan to refinance motor vehicle sale.
Section 58-19-13 - Creditor compliance with federal regulation deemed compliance with this act.