§ 59A-45-9. Assignee subject to defenses

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.