An assignee of the rights of a creditor under an insurance premium finance agreement, for the purchase of insurance primarily for personal, family or household purposes, is a holder within the meaning of the Uniform Commercial Code ( 55-1-101 to 55-9-507 NMSA 1978) and is subject to all defenses of the insured notwithstanding that there is an agreement to the contrary.
§ 59A-45-9 NMSA 1978
Assignee subject to defenses
Known as the Insurance Premium Financing Law
The act spans §§ 59–59 (16 sections).
Laws 1984, ch. 127, § 840.
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.