(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. ANNOTATIONSEffective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
New Mexico Legal Code