2021 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases

Section 55-2A-105 - Territorial application of article to goods covered by certificate of title. - Subject to the provisions of Sections 55-2A-30455-2A-305 NMSA 1978, with...

Section 55-2A-106 - Limitation on power of parties to consumer lease to choose applicable law and forum. - (1) If the law chosen by the parties to a...

Section 55-2A-107 - Waiver or renunciation of claim or right after default. - Any claim or right arising out of an alleged default...

Section 55-2A-108 - Unconscionability. - (1) If the court as a matter of law finds...

Section 55-2A-109 - Option to accelerate at will. - (1) A term providing that one party or his successor...

Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT

Section 55-2A-201 - Statute of frauds. - (1) A lease contract is not enforceable by way of...

Section 55-2A-202 - Final written expression; parol or extrinsic evidence. - Terms with respect to which the confirmatory memoranda of the...

Section 55-2A-203 - Seals inoperative. - The affixing of a seal to a writing evidencing a...

Section 55-2A-204 - Formation in general. - (1) A lease contract may be made in any manner...

Section 55-2A-205 - Firm offers. - An offer by a merchant to lease goods to or...

Section 55-2A-206 - Offer and acceptance in formation of lease contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances,...

Section 55-2A-207 - Repealed. - History: 1978 Comp., § 55-2A-207, enacted by Laws 1992, ch....

Section 55-2A-208 - Modification, rescission and waiver. - (1) An agreement modifying a lease contract needs no consideration...

Section 55-2A-209 - Lessee under finance lease as beneficiary of supply contract. - (1) The benefit of a supplier's promises to the lessor...

Section 55-2A-210 - Express warranties. - (1) Express warranties by the lessor are created as follows:...

Section 55-2A-211 - Warranties against interference and against infringement; lessee's obligation against infringement. - (1) There is in a lease contract a warranty that...

Section 55-2A-212 - Implied warranty of merchantability. - (1) Except in a finance lease, a warranty that the...

Section 55-2A-213 - Implied warranty of fitness for particular purpose. - Except in a finance lease, if the lessor at the...

Section 55-2A-214 - Exclusion or modification of warranties. - (1) Words or conduct relevant to the creation of an...

Section 55-2A-215 - Cumulation and conflict of warranties express or implied. - Warranties, whether express or implied, must be construed as consistent...

Section 55-2A-216 - Third-party beneficiaries of express and implied warranties. - A warranty to or for the benefit of a lessee...

Section 55-2A-217 - Identification. - Identification of goods as goods to which a lease contract...

Section 55-2A-218 - Insurance and proceeds. - (1) A lessee obtains an insurable interest when existing goods...

Section 55-2A-219 - Risk of loss. - (1) Except in the case of a finance lease, risk...

Section 55-2A-220 - Effect of default on risk of loss. - (1) Where risk of loss is to pass to the...

Section 55-2A-221 - Casualty to identified goods. - If a lease contract requires goods identified when the lease...

Part 3 - EFFECT OF LEASE CONTRACT

Section 55-2A-301 - Enforceability of lease contract. - Except as otherwise provided in this article, a lease contract...

Section 55-2A-302 - Title to and possession of goods. - Except as otherwise provided in this article, each provision of...

Section 55-2A-303 - Alienability of party's interest under lease contract or of lessor's residual interest in goods; delegation of performance; transfer of rights. - (1) As used in this section, "creation of a security...

Section 55-2A-304 - Subsequent lease of goods by lessor. - (1) Subject to Section 55-2A-303 NMSA 1978, a subsequent lessee...

Section 55-2A-305 - Sale or sublease of goods by lessee. - (1) Subject to the provisions of Section 55-2A-303 NMSA 1978,...

Section 55-2A-306 - Priority of certain liens arising by operation of law. - If a person in the ordinary course of his business...

Section 55-2A-307 - Priority of liens arising by attachment or levy on, security interests in and other claims to goods. - (1) Except as otherwise provided in Section 55-2A-306 NMSA 1978,...

Section 55-2A-308 - Special rights of creditors. - (1) A creditor of a lessor in possession of goods...

Section 55-2A-309 - Lessor's and lessee's rights when goods become fixtures. - (1) In this section: (a) goods are "fixtures" when they...

Section 55-2A-310 - Lessor's and lessee's rights when goods become accessions. - (1) Goods are "accessions" when they are installed in or...

Section 55-2A-311 - Priority subject to subordination. - Nothing in this article prevents subordination by agreement by any...

Part 4 - PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED

Section 55-2A-401 - Insecurity; adequate assurance of performance. - (1) A lease contract imposes an obligation on each party...

Section 55-2A-402 - Anticipatory repudiation. - If either party repudiates a lease contract with respect to...

Section 55-2A-403 - Retraction of anticipatory repudiation. - (1) Until the repudiating party's next performance is due, the...

Section 55-2A-404 - Substituted performance. - (1) If without fault of the lessee, the lessor and...

Section 55-2A-405 - Excused performance. - Subject to Section 55-2A-404 NMSA 1978 on substituted performance, the...

Section 55-2A-406 - Procedure on excused performance. - (1) If the lessee receives notification of a material or...

Section 55-2A-407 - Irrevocable promises; finance leases. - (1) In the case of a finance lease that is...

Part 5 - DEFAULT

Section 55-2A-501 - Default; procedure. - (1) Whether the lessor or the lessee is in default...

Section 55-2A-502 - Notice after default. - Except as otherwise provided in this article or the lease...

Section 55-2A-503 - Modification or impairment of rights and remedies. - (1) Except as otherwise provided in this article, the lease...

Section 55-2A-504 - Liquidation of damages. - (1) Damages payable by either party for default, or any...

Section 55-2A-505 - Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies. - (1) On cancellation of the lease contract, all obligations that...

Section 55-2A-506 - Statute of limitations. - (1) An action for default under a lease contract, including...

Section 55-2A-507 - Proof of market rent; time and place. - (1) Damages based on market rent (Section 55-2A-519 or 55-2A-528...

Section 55-2A-508 - Lessee's remedies. - (1) If a lessor fails to deliver the goods in...

Section 55-2A-509 - Lessee's rights on improper delivery; rightful rejection. - (1) Subject to the provisions of Section 2A-510 on default...

Section 55-2A-510 - Installment lease contracts; rejection and default. - (1) Under an installment lease contract a lessee may reject...

Section 55-2A-511 - Merchant lessee's duties as to rightfully rejected goods. - (1) Subject to any security interest of a lessee (Section...

Section 55-2A-512 - Lessee's duties as to rightfully rejected goods. - (1) Except as otherwise provided with respect to goods that...

Section 55-2A-513 - Cure by lessor of improper tender or delivery; replacement. - (1) If any tender or delivery by the lessor or...

Section 55-2A-514 - Waiver of lessee's objections. - (1) In rejecting goods, a lessee's failure to state a...

Section 55-2A-515 - Acceptance of goods. - (1) Acceptance of goods occurs after the lessee has had...

Section 55-2A-516 - Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over. - (1) A lessee must pay rent for any goods accepted...

Section 55-2A-517 - Revocation of acceptance of goods. - (1) A lessee may revoke acceptance of a lot or...

Section 55-2A-518 - Cover; substitute goods. - (1) After a default by a lessor under the lease...

Section 55-2A-519 - Lessee's damages for non-delivery, repudiation, default and breach of warranty in regard to accepted goods. - (1) Except as otherwise provided with respect to damages liquidated...

Section 55-2A-520 - Lessee's incidental and consequential damages. - (1) Incidental damages resulting from a lessor's default include expenses...

Section 55-2A-521 - Lessee's right to specific performance or replevin. - (1) Specific performance may be decreed if the goods are...

Section 55-2A-522 - Lessee's right to goods on lessor's insolvency. - (1) Subject to Subsection (2) and even though the goods...

Section 55-2A-523 - Lessor's remedies. - (1) If a lessee wrongfully rejects or revokes acceptance of...

Section 55-2A-524 - Lessor's right to identify goods to lease contract. - (1) After default by the lessee under the lease contract...

Section 55-2A-525 - Lessor's right to possession of goods. - (1) If a lessor discovers the lessee to be insolvent,...

Section 55-2A-526 - Lessor's stoppage of delivery in transit or otherwise. - (1) A lessor may stop delivery of goods in the...

Section 55-2A-527 - Lessor's rights to dispose of goods. - (1) After a default by a lessee under the lease...

Section 55-2A-528 - Lessor's damages for nonacceptance, failure to pay, repudiation or other default. - (1) Except as otherwise provided with respect to damages liquidated...

Section 55-2A-529 - Lessor's action for the rent. - (1) After default by the lessee under the lease contract...

Section 55-2A-530 - Lessor's incidental damages. - Incidental damages to an aggrieved lessor include any commercially reasonable...

Section 55-2A-531 - Standing to sue third parties for injury to goods. - (1) If a third party so deals with goods that...

Section 55-2A-532 - Lessor's rights to residual interest. - In addition to any other recovery permitted by this article...

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2021 New Mexico Statutes Chapter 55 - Uniform Commercial Code Article 2A - Leases

2021 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases