Every contract or duty governed by the Condominium Act imposes an obligation of good faith in its performance or enforcement.
History: Laws 1982, ch. 27, § 11.
Compiler's notes. — This section is substantially similar to § 1-113 of the Uniform Condominium Act.
COMMISSIONERS' COMMENT
This section sets forth a basic principle running throughout this act: in condominium transactions, good faith is required in the performance and enforcement of all agreements and duties. Good faith, as used in this act, means observance of two standards, "honesty in fact" and observance of reasonable standards of fair dealing. While the term is not defined, the term is derived from and used in the same manner as in § 1-201 of the Uniform Simplification of Land Transfers Act, and §§ 2-103(i) (b) and 7-404 of the Uniform Commercial Code [55-2-10355-7-404 NMSA 1978].
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments § 26.
Structure 2021 New Mexico Statutes
Article 7A - Condominium Act - General Provisions
Section 47-7A-1 - Short title.
Section 47-7A-2 - Applicability.
Section 47-7A-3 - Definitions.
Section 47-7A-4 - Variation by agreement.
Section 47-7A-6 - Applicability of local ordinances, regulations and building codes.
Section 47-7A-7 - Eminent domain.
Section 47-7A-8 - Supplemental general principles of law applicable.
Section 47-7A-9 - Construction against implicit repeal, amendment or expansion.
Section 47-7A-11 - Severability.
Section 47-7A-12 - Unconscionable agreement or term of contract.