Section 55-9-401 - Alienability of debtor's rights. - New-mexico Statutes

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Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-401

55-9-401. Alienability of debtor's rights.

(a) Except as otherwise provided in Subsection (b) of this section and Sections 55-9-406 through 55-9-409 NMSA 1978, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than Chapter 55, Article 9 NMSA 1978.

(b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.

State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-401

55-9-401. Alienability of debtor's rights.

(a) Except as otherwise provided in Subsection (b) of this section and Sections 55-9-406 through 55-9-409 NMSA 1978, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than Chapter 55, Article 9 NMSA 1978.

(b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-401

55-9-401. Alienability of debtor's rights.

(a) Except as otherwise provided in Subsection (b) of this section and Sections 55-9-406 through 55-9-409 NMSA 1978, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than Chapter 55, Article 9 NMSA 1978.

(b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.