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§ 55-9-339 NMSA 1978

Priority subject to subordination

Known as the Uniform Commercial Code

The act spans §§ 55–55 (591 sections).

1978 Comp., § 55-9-339, enacted by Laws 2001, ch. 139, § 59.

Chapter 55, Article 9 NMSA 1978 does not preclude subordination by agreement by a person entitled to priority.

UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

1. Source. Former section 9-316.

2. Subordination by Agreement. The preceding sections deal elaborately with questions of priority. This section makes it entirely clear that a person entitled to priority may effectively agree to subordinate its claim. Only the person entitled to priority may make such an agreement: A person's rights cannot be adversely affected by an agreement to which the person is not a party.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.