New Mexico § 56-1-6 - Assignment
Full text of New Mexico New Mexico Statutes Annotated § 56-1-6 — Assignment, with citation guidance and answers to common questions.
§ 56-1-6. Assignment
Notwithstanding the provisions of any other law: A. an assignee may purchase or acquire or agree to purchase or acquire any retail
installment contract or retail charge agreement or any outstanding balance under either
from a seller on such terms and conditions and for such price as may be mutually agreed
upon; B. filing of the assignment, notice to the buyer of the assignment and any requirement
that the seller be deprived of dominion over payments upon a retail installment contract
or retail charge agreement, or over the goods if returned to or repossessed by the
seller, shall not be necessary to the validity of a written assignment of the retail
installment contract or retail charge agreement or any outstanding balance under either
as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants
of the seller; and C. unless the buyer has notice of the assignment of his retail installment contract,
retail charge agreement or any outstanding balance under either, payment therefor
made by the buyer to the holder last known to him shall be binding upon all subsequent
holders.
Frequently Asked Questions About New Mexico § 56-1-6
What does New Mexico Statutes Annotated § 56-1-6 cover?
Section 56-1-6 ("Assignment") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 56-1-6?
A common citation format is "New Mexico Statutes Annotated § 56-1-6" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 56-1-6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.