Waiver

(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 55-9-611 NMSA 1978 only by an agreement to that effect entered into and signed after default. (b) A debtor may waive the right to require disposition of collateral under Subsection (e) of Section 55-9-620 NMSA 1978 only by an agreement to that effect entered into and signed after default. (c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 55-9-623 NMSA 1978 only by an agreement to that effect entered into and signed after default. History: 1978 Comp., § 55-9-624, enacted by Laws 2001, ch. 139, § 121; 2023, ch. 142, § 93. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Former Sections 9-504(3), 9-505, 9-506 [55-9-504(3), 55-9-505, 55-9- 506 NMSA 1978, respectively]. 2. Waiver. This section is a limited exception to Section 9-602 [55-9-602 NMSA 1978], which generally prohibits waiver by debtors and obligors. It makes no provision for waiver of the rule prohibiting a secured party from buying at its own private disposition. Transactions of this kind are equivalent to "strict foreclosures" and are governed by Sections 9-620, 9-621, and 9-622 [55-9-620, 55-9-621, and 55-9-622 NMSA 1978, respectively]. 3. "Signed" Replaces "Authenticated." Consistent with the revised definition of "sign" in Section 1-201, the cognate term "signed" replaces the references to "authenticated" in the pre-2022 text of this section.