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.
History: Laws 1984, ch. 127, § 840.
ANNOTATIONSCross references. — For negotiable instrument provisions of Uniform Commercial Code, see 55-3-101 NMSA 1978, et seq.