New Mexico Statutes
Chapter 55 - Uniform Commercial Code

Section 55-1-103 - Construction of Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law. - (a) The Uniform Commercial Code must be liberally construed and...

Section 55-1-104 - Construction against implicit repeal. - The Uniform Commercial Code being a general act intended as...

Section 55-1-105 - Severability. - If any provision or clause of the Uniform Commercial Code...

Section 55-1-106 - Use of singular and plural; gender. - In the Uniform Commercial Code, unless the statutory context otherwise...

Section 55-1-107 - Section captions. - Section captions are part of the Uniform Commercial Code. History:...

Section 55-1-108 - Relation to Electronic Signatures in Global and National Commerce Act. - Chapter 55, Article 1 NMSA 1978 modifies, limits and supersedes...

Section 55-1-109 - Repealed. - History: 1953 Comp., § 50A-1-109, enacted by Laws 1961, ch....

Section 55-1-110 - Repealed. - History: Laws 2015, ch. 54, § 8; repealed by Laws...

Part 2 - GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

Section 55-1-201 - General definitions. - (a) Unless the context otherwise requires, words or phrases defined...

Section 55-1-202 - Notice; knowledge. - (a) Subject to Subsection (f) of this section, a person...

Section 55-1-203 - Lease distinguished from security interest. - (a) Whether a transaction in the form of a lease...

Section 55-1-204 - Value. - Except as otherwise provided in Chapter 55, Articles 3, 4...

Section 55-1-205 - Reasonable time; seasonableness. - (a) Whether a time for taking an action required by...

Section 55-1-206 - Presumptions. - Whenever the Uniform Commercial Code creates a "presumption" with respect...

Section 55-1-207 - Repealed. - History: 1953 Comp., § 50A-1-207, enacted by Laws 1961, ch....

Section 55-1-208 - Repealed. - History: 1953 Comp., § 50A-1-208, enacted by Laws 1961, ch....

Section 55-1-209 - Repealed. - History: 1978 Comp., § 55-1-209, enacted by Laws 1992, ch....

Part 3 - TERRITORIAL APPLICABILITY AND GENERAL RULES

Section 55-1-301 - Territorial applicability; parties' power to choose applicable law. - A. Except as otherwise provided in this section, when a...

Section 55-1-302 - Variation by agreement. - (a) Except as otherwise provided in Subsection (b) of this...

Section 55-1-303 - Course of performance, course of dealing and usage of trade. - (a) A "course of performance" is a sequence of conduct...

Section 55-1-304 - Obligation of good faith. - Every contract or duty within the Uniform Commercial Code [55-1-101...

Section 55-1-305 - Remedies to be liberally administered. - (a) The remedies provided by the Uniform Commercial Code [55-1-101...

Section 55-1-306 - Waiver or renunciation of claim or right after breach. - A claim or right arising out of an alleged breach...

Section 55-1-307 - Prima facie evidence by third-party documents. - A document in due form purporting to be a bill...

Section 55-1-308 - Performance or acceptance under reservation of rights. - (a) A party that with explicit reservation of rights performs...

Section 55-1-309 - Option to accelerate at will. - A term providing that one party or that party's successor...

Section 55-1-310 - Subordinated obligations. - An obligation may be issued as subordinated to performance of...

Article 2 - Sales

Part 1 - SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

Section 55-2-101 - Short title. - This article shall be known and may be cited as...

Section 55-2-102 - Scope; certain security and other transactions excluded from this article. - Unless the context otherwise requires, this article applies to transactions...

Section 55-2-103 - Definitions and index of definitions. - (1) In this article, unless the context otherwise requires: (a)...

Section 55-2-104 - Definitions; "merchant"; "between merchants"; "financing agency". - (1) "Merchant" means a person who deals in goods of...

Section 55-2-105 - Definitions: transferability; "goods"; "future" goods; "lot"; "commercial unit." - (1) "Goods" means all things (including specially manufactured goods) which...

Section 55-2-106 - Definitions: "contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation." - (1) In this article unless the context otherwise requires "contract"...

Section 55-2-107 - Goods to be severed from realty; recording. - (1) A contract for the sale of minerals or the...

Part 2 - FORM, FORMATION AND READJUSTMENT OF CONTRACT

Section 55-2-201 - Formal requirements; statute of frauds. - (1) Except as otherwise provided in this section a contract...

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

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

Section 55-2-204 - Formation in general. - (1) A contract for sale of goods may be made...

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

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

Section 55-2-207 - Additional terms in acceptance or confirmation. - (1) A definite and seasonable expression of acceptance or a...

Section 55-2-208 - Repealed. - History: 1953 Comp., § 50A-2-208, enacted by Laws 1961, ch....

Section 55-2-209 - Modification, rescission and waiver. - (1) An agreement modifying a contract within this article needs...

Section 55-2-210 - Delegation of performance; assignment of rights. - (1) A party may perform his duty through a delegate...

Part 3 - GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

Section 55-2-301 - General obligations of parties. - The obligation of the seller is to transfer and deliver...

Section 55-2-302 - Unconscionable contract or clause. - (1) If the court as a matter of law finds...

Section 55-2-303 - Allocation or division of risks. - Where this article allocates a risk or a burden as...

Section 55-2-304 - Price payable in money, goods, realty or otherwise. - (1) The price can be made payable in money or...

Section 55-2-305 - Open price term. - (1) The parties if they so intend can conclude a...

Section 55-2-306 - Output, requirements and exclusive dealings. - (1) A term which measures the quantity by the output...

Section 55-2-307 - Delivery in single lot or several lots. - Unless otherwise agreed all goods called for by a contract...

Section 55-2-308 - Absence of specified place for delivery. - Unless otherwise agreed: (a) the place for delivery of goods...

Section 55-2-309 - Absence of specific time provisions; notice of termination. - (1) The time for shipment or delivery or any other...

Section 55-2-310 - Open time for payment or running of credit; authority to ship under reservation. - Unless otherwise agreed: (a) payment is due at the time...

Section 55-2-311 - Options and cooperation respecting performance. - (1) An agreement for sale which is otherwise sufficiently definite...

Section 55-2-312 - Warranty of title and against infringement; buyer's obligation against infringement. - (1) Subject to Subsection (2) there is in a contract...

Section 55-2-313 - Express warranties by affirmation, promise, description, sample. - (1) Express warranties by the seller are created as follows:...

Section 55-2-314 - Implied warranty: merchantability; usage of trade. - (1) Unless excluded or modified (Section 2-316 [55-2-316 NMSA 1978]),...

Section 55-2-315 - Implied warranty: fitness for particular purpose. - Where the seller at the time of contracting has reason...

Section 55-2-316 - Exclusion or modification of warranties. - (1) Words or conduct relevant to the creation of an...

Section 55-2-317 - Cumulation and conflict of warranties express or implied. - Warranties whether express or implied shall be construed as consistent...

Section 55-2-318 - Third-party beneficiaries of warranties express or implied. - A seller's warranty whether express or implied extends to any...

Section 55-2-319. F.O.B - and F.A.S. terms. - (1) Unless otherwise agreed the term F.O.B. (which means "free...

Section 55-2-320. C.I.F - and C.&F. terms. - (1) The term C.I.F. means that the price includes in...

Section 55-2-321. C.I.F - or C.&F.: "net landed weights"; "payment on arrival"; warranty of condition on arrival. - Under a contract containing a term C.I.F. or C.&F.: (1)...

Section 55-2-322 - Delivery "ex-ship". - (1) Unless otherwise agreed a term for delivery of goods...

Section 55-2-323 - Form of bill of lading required on overseas shipment; "overseas". - (1) Where the contract contemplates overseas shipment and contains a...

Section 55-2-324 - "No arrival, no sale" term. - Under a term "no arrival, no sale" or terms of...

Section 55-2-325 - "Letter of credit" term; "confirmed credit.". - (1) Failure of the buyer seasonably to furnish an agreed...

Section 55-2-326 - Sale on approval and sale or return; rights of creditors. - (1) Unless otherwise agreed, if delivered goods may be returned...

Section 55-2-327 - Special incidents of sale on approval and sale or return. - (1) Under a sale on approval unless otherwise agreed: (a)...

Section 55-2-328 - Sale by auction. - (1) In a sale by auction if goods are put...

Part 4 - TITLE, CREDITORS AND GOOD FAITH

Section 55-2-401 - Passing of title; reservation for security; limited application of this section. - Each provision of this article with regard to the rights,...

Section 55-2-402 - Rights of seller's creditors against sold goods. - (1) Except as provided in Subsections (2) and (3), rights...

Section 55-2-403 - Power to transfer; good faith purchase of goods; "entrusting". - (1) A purchaser of goods acquires all title which his...

Part 5 - PERFORMANCE

Section 55-2-501 - Insurable interest in goods; manner of identification of goods. - (1) The buyer obtains a special property and an insurable...

Section 55-2-502 - Buyer's right to goods on seller's repudiation, failure to deliver or insolvency. - (1) Subject to Subsections (2) and (3) of this section...

Section 55-2-503 - Manner of seller's tender of delivery. - (1) Tender of delivery requires that the seller put and...

Section 55-2-504 - Shipment by seller. - Where the seller is required or authorized to send the...

Section 55-2-505 - Seller's shipment under reservation. - (1) Where the seller has identified goods to the contract...

Section 55-2-506 - Rights of financing agency. - (1) A financing agency by paying or purchasing for value...

Section 55-2-507 - Effect of seller's tender; delivery on condition. - (1) Tender of delivery is a condition to the buyer's...

Section 55-2-508 - Cure by seller of improper tender or delivery; replacement. - (1) Where any tender or delivery by the seller is...

Section 55-2-509 - Risk of loss in the absence of breach. - (1) Where the contract requires or authorizes the seller to...

Section 55-2-510 - Effect of breach on risk of loss. - (1) Where a tender or delivery of goods so fails...

Section 55-2-511 - Tender of payment by buyer; payment by check. - (1) Unless otherwise agreed tender of payment is a condition...

Section 55-2-512 - Payment by buyer before inspection. - (1) Where the contract requires payment before inspection non-conformity of...

Section 55-2-513 - Buyer's right to inspection of goods. - (1) Unless otherwise agreed and subject to Subsection (3), where...

Section 55-2-514 - When documents deliverable on acceptance; when on payment. - Unless otherwise agreed, documents against which a draft is drawn...

Section 55-2-515 - Preserving evidence of goods in dispute. - In furtherance of the adjustment of any claim or dispute:...

Part 6 - BREACH, REPUDIATION AND EXCUSE

Section 55-2-601 - Buyer's rights on improper delivery. - Subject to the provisions of this article on breach in...

Section 55-2-602 - Manner and effect of rightful rejection. - (1) Rejection of goods must be within a reasonable time...

Section 55-2-603 - Merchant buyer's duties as to rightfully rejected goods. - (1) Subject to any security interest in the buyer (Subsection...

Section 55-2-604 - Buyer's options as to salvage of rightfully rejected goods. - Subject to the provisions of the immediately preceding section [55-2-603...

Section 55-2-605 - Waiver of buyer's objections by failure to particularize. - (1) The buyer's failure to state in connection with rejection...

Section 55-2-606 - What constitutes acceptance of goods. - (1) Acceptance of goods occurs when the buyer: (a) after...

Section 55-2-607 - Effect of acceptance; notice of breach; burden of establishing breach after acceptance; notice of claim or litigation to person answerable over. - (1) The buyer must pay at the contract rate for...

Section 55-2-608 - Revocation of acceptance in whole or in part. - (1) The buyer may revoke his acceptance of a lot...

Section 55-2-609 - Right to adequate assurance of performance. - (1) A contract for sale imposes an obligation on each...

Section 55-2-610 - Anticipatory repudiation. - When either party repudiates the contract with respect to a...

Section 55-2-611 - Retraction of anticipatory repudiation. - (1) Until the repudiating party's next performance is due, he...

Section 55-2-612 - "Installment contract"; breach. - (1) An "installment contract" is one which requires or authorizes...

Section 55-2-613 - Casualty to identified goods. - Where the contract requires for its performance goods identified when...

Section 55-2-614 - Substituted performance. - (1) Where without fault of either party the agreed berthing,...

Section 55-2-615 - Excuse by failure of presupposed conditions. - Except so far as a seller may have assumed a...

Section 55-2-616 - Procedure on notice claiming excuse. - (1) Where the buyer receives notification of a material or...

Part 7 - REMEDIES

Section 55-2-701 - Remedies for breach of collateral contracts not impaired. - Remedies for breach of any obligation or promise collateral or...

Section 55-2-702 - Seller's remedies on discovery of buyer's insolvency. - (1) Where the seller discovers the buyer to be insolvent,...

Section 55-2-703 - Seller's remedies in general. - Where the buyer wrongfully rejects or revokes acceptance of goods...

Section 55-2-704 - Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods. - (1) An aggrieved seller under the preceding section [55-2-703 NMSA...

Section 55-2-705 - Seller's stoppage of delivery in transit or otherwise. - (1) The seller may stop delivery of goods in the...

Section 55-2-706 - Seller's resale including contract for resale. - (1) Under the conditions stated in Section 2-703 [55-2-703 NMSA...

Section 55-2-707 - "Person in the position of a seller." - (1) A "person in the position of a seller" includes...

Section 55-2-708 - Seller's damages for nonacceptance or repudiation. - (1) Subject to Subsection (2) and to the provisions of...

Section 55-2-709 - Action for the price. - (1) When the buyer fails to pay the price as...

Section 55-2-710 - Seller's incidental damages. - Incidental damages to an aggrieved seller include any commercially reasonable...

Section 55-2-711 - Buyer's remedies in general; buyer's security interest in rejected goods. - (1) Where the seller fails to make delivery or repudiates...

Section 55-2-712 - "Cover"; buyer's procurement of substitute goods. - (1) After a breach within the preceding section [55-2-711 NMSA...

Section 55-2-713 - Buyer's damages for nondelivery or repudiation. - (1) Subject to the provisions of this article with respect...

Section 55-2-714 - Buyer's damages for breach in regard to accepted goods. - (1) Where the buyer has accepted goods and given notification...

Section 55-2-715 - Buyer's incidental and consequential damages. - (1) Incidental damages resulting from the seller's breach include expenses...

Section 55-2-716 - Buyer's right to specific performance or replevin. - (1) Specific performance may be decreed where the goods are...

Section 55-2-717 - Deduction of damages from the price. - The buyer on notifying the seller of his intention to...

Section 55-2-718 - Liquidation or limitation of damages; deposits. - (1) Damages for breach by either party may be liquidated...

Section 55-2-719 - Contractual modification or limitation of remedy. - (1) Subject to the provisions of Subsections (2) and (3)...

Section 55-2-720 - Effect of "cancellation" or "rescission" on claims for antecedent breach. - Unless the contrary intention clearly appears, expressions of "cancellation" or...

Section 55-2-721 - Remedies for fraud. - Remedies for material misrepresentation or fraud include all remedies available...

Section 55-2-722 - Who can sue third parties for injury to goods. - Where a third party so deals with goods which have...

Section 55-2-723 - Proof of market price; time and place. - (1) If an action based on anticipatory repudiation comes to...

Section 55-2-724 - Admissibility of market quotations. - Whenever the prevailing price or value of any goods regularly...

Section 55-2-725 - Statute of limitations in contracts for sale. - (1) An action for breach of any contract for sale...

Article 2A - Leases

Part 1 - GENERAL PROVISIONS

Section 55-2A-101 - Short title. - This article shall be known and may be cited as...

Section 55-2A-102 - Scope. - This article applies to any transaction, regardless of form, that...

Section 55-2A-103 - Definitions and index of definitions. - (1) In this article unless the context otherwise requires: (a)...

Section 55-2A-104 - Leases subject to other law. - (1) A lease, although subject to this article, is also...

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...

Article 3 - Negotiable Instruments

Part 1 - GENERAL PROVISIONS AND DEFINITIONS

Section 55-3-101 - Short title. - This article may be cited as Uniform Commercial Code -...

Section 55-3-102 - Subject matter. - (a) This article applies to negotiable instruments. It does not...

Section 55-3-103 - Definitions. - (a) In this article: (1) "acceptor" means a drawee who...

Section 55-3-104 - Negotiable instrument. - (a) Except as provided in Subsections (c) and (d), "negotiable...

Section 55-3-105 - Issue of instrument. - (a) "Issue" means the first delivery of an instrument by...

Section 55-3-106 - Unconditional promise or order. - (a) Except as provided in this section, for the purposes...

Section 55-3-107 - Instrument payable in foreign money. - Unless the instrument otherwise provides, an instrument that states the...

Section 55-3-108 - Payable on demand or at definite time. - (a) A promise or order is "payable on demand" if...

Section 55-3-109 - Payable to bearer or to order. - (a) A promise or order is payable to bearer if...

Section 55-3-110 - Identification of person to whom instrument is payable. - (a) The person to whom an instrument is initially payable...

Section 55-3-111 - Place of payment. - Except as otherwise provided for items in Article 4, an...

Section 55-3-112 - Interest. - (a) Unless otherwise provided in the instrument, (i) an instrument...

Section 55-3-113 - Date of instrument. - (a) An instrument may be antedated or postdated. The date...

Section 55-3-114 - Contradictory terms of instrument. - If an instrument contains contradictory terms, typewritten terms prevail over...

Section 55-3-115 - Incomplete instrument. - (a) "Incomplete instrument" means a signed writing, whether or not...

Section 55-3-116 - Joint and several liability; contribution. - (a) Except as otherwise provided in the instrument, two or...

Section 55-3-117 - Other agreements affecting instrument. - Subject to applicable law regarding exclusion of proof of contemporaneous...

Section 55-3-118 - Statute of limitations. - (a) Except as provided in Subsection (e), an action to...

Section 55-3-119 - Notice of right to defend action. - In an action for breach of an obligation for which...

Section 55-3-120 to 55-3-122 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repealed 55-3-120...

Part 2 - NEGOTIATION, TRANSFER AND INDORSEMENT

Section 55-3-201 - Negotiation. - (a) "Negotiation" means a transfer of possession, whether voluntary or...

Section 55-3-202 - Negotiation subject to rescission. - (a) Negotiation is effective even if obtained (i) from an...

Section 55-3-203 - Transfer of instrument; rights acquired by transfer. - (a) An instrument is transferred when it is delivered by...

Section 55-3-204 - Indorsement. - (a) "Indorsement" means a signature, other than that of a...

Section 55-3-205 - Special indorsement; blank indorsement; anomalous indorsement. - (a) If an indorsement is made by the holder of...

Section 55-3-206 - Restrictive indorsement. - (a) An indorsement limiting payment to a particular person or...

Section 55-3-207 - Reacquisition. - Reacquisition of an instrument occurs if it is transferred to...

Section 55-3-208 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repealed 55-3-208...

Part 3 - ENFORCEMENT OF INSTRUMENTS

Section 55-3-301 - Person entitled to enforce instrument. - "Person entitled to enforce" an instrument means (i) the holder...

Section 55-3-302 - Holder in due course. - (a) Subject to Subsection (c) and Section 55-3-106(d) NMSA 1978,...

Section 55-3-303 - Value and consideration. - (a) An instrument is issued or transferred for value if:...

Section 55-3-304 - Overdue instrument. - (a) An instrument payable on demand becomes overdue at the...

Section 55-3-305 - Defenses and claims in recoupment. - (a) Except as otherwise provided in this section, the right...

Section 55-3-306 - Claims to an instrument. - A person taking an instrument, other than a person having...

Section 55-3-307 - Notice of breach of fiduciary duty. - (a) In this section: (1) "fiduciary" means an agent, trustee,...

Section 55-3-308 - Proof of signatures and status as holder in due course. - (a) In an action with respect to an instrument, the...

Section 55-3-309 - Enforcement of lost, destroyed, or stolen instrument. - (a) A person not in possession of an instrument is...

Section 55-3-310 - Effect of instrument on obligation for which taken. - (a) Unless otherwise agreed, if a certified check, cashier's check,...

Section 55-3-311 - Accord and satisfaction by use of instrument. - (a) If a person against whom a claim is asserted...

Section 55-3-312 - Lost, destroyed or stolen cashier's check, teller's check or certified check. - (a) In this section: (1) "check" means a cashier's check,...

Part 4 - LIABILITY OF PARTIES

Section 55-3-401 - Signature. - (a) A person is not liable on an instrument unless...

Section 55-3-402 - Signature by representative. - (a) If a person acting, or purporting to act, as...

Section 55-3-403 - Unauthorized signature. - (a) Unless otherwise provided in this article or Article 4,...

Section 55-3-404 - Impostors; fictitious payees. - (a) If an impostor, by use of the mails or...

Section 55-3-405 - Employer's responsibility for fraudulent indorsement by employee. - (a) In this section: (1) "employee" includes an independent contractor...

Section 55-3-406 - Negligence contributing to forged signature or alteration of instrument. - (a) A person whose failure to exercise ordinary care substantially...

Section 55-3-407 - Alteration. - (a) "Alteration" means (i) an unauthorized change in an instrument...

Section 55-3-408 - Drawee not liable on unaccepted draft. - A check or other draft does not of itself operate...

Section 55-3-409 - Acceptance of draft; certified check. - (a) "Acceptance" means the drawee's signed agreement to pay a...

Section 55-3-410 - Acceptance varying draft. - (a) If the terms of a drawee's acceptance vary from...

Section 55-3-411 - Refusal to pay cashier's checks, teller's checks, and certified checks. - (a) In this section, "obligated bank" means the acceptor of...

Section 55-3-412 - Obligation of issuer of note or cashier's check. - The issuer of a note or cashier's check or other...

Section 55-3-413 - Obligation of acceptor. - (a) The acceptor of a draft is obliged to pay...

Section 55-3-414 - Obligation of drawer. - (a) This section does not apply to cashier's checks or...

Section 55-3-415 - Obligation of indorser. - (a) Subject to Subsections (b), (c), (d) and (e) of...

Section 55-3-416 - Transfer warranties. - (a) A person who transfers an instrument for consideration warrants...

Section 55-3-417 - Presentment warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 55-3-418 - Payment or acceptance by mistake. - (a) Except as provided in Subsection (c), if the drawee...

Section 55-3-419 - Instruments signed for accommodation. - (a) If an instrument is issued for value given for...

Section 55-3-420 - Conversion of instrument. - (a) The law applicable to conversion of personal property applies...

Part 5 - DISHONOR

Section 55-3-501 - Presentment. - (a) "Presentment" means a demand made by or on behalf...

Section 55-3-502 - Dishonor. - (a) Dishonor of a note is governed by the following...

Section 55-3-503 - Notice of dishonor. - (a) The obligation of an indorser stated in Section 55-3-415(a)...

Section 55-3-504 - Excused presentment and notice of dishonor. - (a) Presentment for payment or acceptance of an instrument is...

Section 55-3-505 - Evidence of dishonor. - (a) The following are admissible as evidence and create a...

Section 55-3-506 to 55-3-511 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repealed 55-3-506...

Part 6 - DISCHARGE AND PAYMENT

Section 55-3-601 - Discharge and effect of discharge. - (a) The obligation of a party to pay the instrument...

Section 55-3-602 - Payment. - (a) Subject to Subsection (e) of this section, an instrument...

Section 55-3-603 - Tender of payment. - (a) If tender of payment of an obligation to pay...

Section 55-3-604 - Discharge by cancellation or renunciation. - (a) A person entitled to enforce an instrument, with or...

Section 55-3-605 - Discharge of secondary obligors. - (a) If a person entitled to enforce an instrument releases...

Section 55-3-606 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repeals 55-3-606...

Part 7 - ADVICE OF INTERNATIONAL SIGHT DRAFT

Section 55-3-701 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repeals 55-3-701...

Part 8 - MISCELLANEOUS

Section 55-3-801 to 55-3-805 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237A repeals 55-3-801...

Article 4 - Bank Deposits and Collections

Part 1 - GENERAL PROVISIONS AND DEFINITIONS

Section 55-4-101 - Short title. - This article may be cited as Uniform Commercial Code -...

Section 55-4-102 - Applicability. - (a) To the extent that items within this article are...

Section 55-4-103 - Variation by agreement; measure of damages; action constituting ordinary care. - (a) The effect of the provisions of this article may...

Section 55-4-104 - Definitions and index of definitions. - (a) In Chapter 55, Article 4 NMSA 1978, unless the...

Section 55-4-105 - Definitions of types of banks. - In this article: (1) [Reserved]; (2) "depositary bank" means the...

Section 55-4-106 - Payable through or payable at bank; collecting bank. - (a) If an item states that it is "payable through"...

Section 55-4-107 - Separate office of a bank. - A branch or separate office of a bank is a...

Section 55-4-108 - Time of receipt of items. - (a) For the purpose of allowing time to process items,...

Section 55-4-109 - Delays. - (a) Unless otherwise instructed, a collecting bank in a good...

Section 55-4-110 - Electronic presentment. - (a) "Agreement for electronic presentment" means an agreement, clearing-house rule...

Section 55-4-111 - Statute of limitations. - An action to enforce an obligation, duty or right arising...

Part 2 - COLLECTION OF ITEMS - DEPOSITARY AND COLLECTING BANKS

Section 55-4-201 - Status of collecting banks as agent and provisional status of credits; applicability of article; item indorsed "pay any bank". - (a) Unless a contrary intent clearly appears and before the...

Section 55-4-202 - Responsibility for collection or return; when action timely. - (a) A collecting bank must exercise ordinary care in: (1)...

Section 55-4-203 - Effect of instructions. - Subject to Article 3 concerning conversion of instruments (Section 55-3-420...

Section 55-4-204 - Methods of sending and presenting; sending directly to payor bank. - (a) A collecting bank shall send items by a reasonably...

Section 55-4-205 - Depositary bank holder of unindorsed item. - If a customer delivers an item to a depositary bank...

Section 55-4-206 - Transfer between banks. - Any agreed method that identifies the transferor bank is sufficient...

Section 55-4-207 - Transfer warranties. - (a) A customer or collecting bank that transfers an item...

Section 55-4-208 - Presentment warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 55-4-209 - Encoding and retention warranties. - (a) A person who encodes information on or with respect...

Section 55-4-210 - Security interest of collecting bank in items, accompanying documents and proceeds. - (a) A collecting bank has a security interest in an...

Section 55-4-211 - When bank gives value for purposes of holder in due course. - For purposes of determining its status as a holder in...

Section 55-4-212 - Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser. - (a) Unless otherwise instructed, a collecting bank may present an...

Section 55-4-213 - Medium and time of settlement by bank. - (a) With respect to settlement by a bank, the medium...

Section 55-4-214 - Right of charge-back or refund; liability of collecting bank; return of item. - (a) If a collecting bank has made provisional settlement with...

Section 55-4-215 - Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal. - (a) An item is finally paid by a payor bank...

Section 55-4-216 - Insolvency and preference. - (a) If an item is in or comes into the...

Part 3 - COLLECTION OF ITEMS - PAYOR BANKS

Section 55-4-301 - Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank. - (a) If a payor bank settles for a demand item...

Section 55-4-302 - Payor bank's responsibility for late return of item. - (a) If an item is presented to and received by...

Section 55-4-303 - When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified. - (a) Any knowledge, notice or stop-payment order received by, legal...

Part 4 - RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

Section 55-4-401 - When bank may charge customer's account. - (a) A bank may charge against the account of a...

Section 55-4-402 - Bank's liability to customer for wrongful dishonor; time of determining insufficiency of account. - (a) Except as otherwise provided in this article, a payor...

Section 55-4-403 - Customer's right to stop payment; burden of proof of loss. - (a) A customer or any person authorized to draw on...

Section 55-4-404 - Bank not obliged to pay check more than six months old. - A bank is under no obligation to a customer having...

Section 55-4-405 - Death or incompetence of customer. - (a) A payor or collecting bank's authority to accept, pay...

Section 55-4-406 - Customer's duty to discover and report unauthorized signature or alteration. - (a) A bank that sends or makes available to a...

Section 55-4-407 - Payor bank's right to subrogation on improper payment. - If a payor bank has paid an item over the...

Part 5 - COLLECTION OF DOCUMENTARY DRAFTS

Section 55-4-501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor. - A bank that takes a documentary draft for collection shall...

Section 55-4-502 - Presentment of "on arrival" drafts. - If a draft or the relevant instructions require presentment "on...

Section 55-4-503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need. - Unless otherwise instructed and except as provided in Article 5...

Section 55-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses. - (a) A presenting bank that, following the dishonor of a...

Article 4A - Funds Transfers

Part 1 - SUBJECT MATTER AND DEFINITIONS

Section 55-4A-101 - Short title. - This article may be cited as the Uniform Commerical [Commercial]...

Section 55-4A-102 - Subject matter. - Except as otherwise provided in Section 55-4A-108 NMSA 1978, this...

Section 55-4A-103 - Payment order; definitions. - (a) In this article: (1) "payment order" means an instruction...

Section 55-4A-104 - Funds transfer; definitions. - In this article: (a) "funds transfer" means the series of...

Section 55-4A-105 - Other definitions. - (a) In this article: (1) "authorized account" means a deposit...

Section 55-4A-106 - Time payment order is received. - (a) The time of receipt of a payment order or...

Section 55-4A-107 - Federal reserve regulations and operating circulars. - Regulations of the board of governors of the federal reserve...

Section 55-4A-108 - Relationship to electronic fund transfer act. - (a) Except as provided in Subsection (b) of this section,...

Part 2 - ISSUE AND ACCEPTANCE OF PAYMENT ORDER

Section 55-4A-201 - Security procedure. - "Security procedure" means a procedure established by agreement of a...

Section 55-4A-202 - Authorized and verified payment orders. - (a) A payment order received by the receiving bank is...

Section 55-4A-203 - Unenforceability of certain verified payment orders. - (a) If an accepted payment order is not, under Section...

Section 55-4A-204 - Refund of payment and duty of customer to report with respect to unauthorized payment order. - (a) If a receiving bank accepts a payment order issued...

Section 55-4A-205 - Erroneous payment orders. - (a) If an accepted payment order was transmitted pursuant to...

Section 55-4A-206 - Transmission of payment order through funds-transfer or other communication system. - (a) If a payment order addressed to a receiving bank...

Section 55-4A-207 - Misdescription of beneficiary. - (a) Subject to Subsection (b), if, in a payment order...

Section 55-4A-208 - Misdescription of intermediary bank or beneficiary's bank. - (a) This subsection applies to a payment order identifying an...

Section 55-4A-209 - Acceptance of payment order. - (a) Subject to Subsection (d), a receiving bank other than...

Section 55-4A-210 - Rejection of payment order. - (a) A payment order is rejected by the receiving bank...

Section 55-4A-211 - Cancellation and amendment of payment order. - (a) A communication of the sender of a payment order...

Section 55-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order. - If a receiving bank fails to accept a payment order...

Part 3 - EXECUTION OF SENDER'S PAYMENT ORDER

Section 55-4A-301 - Execution and execution date. - (a) A payment order is "executed" by the receiving bank...

Section 55-4A-302 - Obligations of receiving bank in execution of payment order. - (a) Except as provided in Subsections (b) through (d), if...

Section 55-4A-303 - Erroneous execution of payment order. - (a) A receiving bank that (i) executes the payment order...

Section 55-4A-304 - Duty of sender to report erroneously executed payment order. - If the sender of a payment order that is erroneously...

Section 55-4A-305 - Liability for late or improper execution or failure to execute payment order. - (a) If a funds transfer is completed but the execution...

Part 4 - PAYMENT

Section 55-4A-401 - Payment date. - "Payment date" of a payment order means the day on...

Section 55-4A-402 - Obligation of sender to pay receiving bank. - (a) This section is subject to Sections 55-4A-205 and 55-4A-207...

Section 55-4A-403 - Payment by sender to receiving bank. - (a) Payment of the sender's obligation under Section 55-4A-402 NMSA...

Section 55-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary. - (a) Subject to Sections 55-4A-211(e), 55-4A-405(d) and 55-4A-405(e) NMSA 1978,...

Section 55-4A-405 - Payment by beneficiary's bank to beneficiary. - (a) If the beneficiary's bank credits an account of the...

Section 55-4A-406 - Payment by originator to beneficiary; discharge of underlying obligation. - (a) Subject to Sections 55-4A-211(e), 55-4A-405(d) and 55-4A-405(e) NMSA 1978,...

Part 5 - MISCELLANEOUS PROVISIONS

Section 55-4A-501 - Variation by agreement and effect of funds-transfer system rule. - (a) Except as otherwise provided in this article, the rights...

Section 55-4A-502 - Creditor process served on receiving bank; set-off by beneficiary's bank. - (a) As used in this section, "creditor process" means levy,...

Section 55-4A-503 - Injunction or restraining order with respect to funds transfer. - For proper cause and in compliance with applicable law, a...

Section 55-4A-504 - Order in which items and payment orders may be charged to account; order of withdrawals from account. - (a) If a receiving bank has received more than one...

Section 55-4A-505 - Preclusion of objection to debit of customer's account. - If a receiving bank has received payment from its customer...

Section 55-4A-506 - Rate of interest. - (a) If, under this article, a receiving bank is obliged...

Section 55-4A-507 - Choice of law. - (a) The following rules apply unless the affected parties otherwise...

Article 5 - Letters of Credit

Section 55-5-101 - Short title. - Chapter 55, Article 5 NMSA 1978 may be cited as...

Section 55-5-102 - Definitions. - (a) In this article: (1) "adviser" means a person who,...

Section 55-5-103 - Scope. - (a) This article applies to letters of credit and to...

Section 55-5-104 - Formal requirements. - A letter of credit, confirmation, advice, transfer, amendment or cancellation...

Section 55-5-105 - Consideration. - Consideration is not required to issue, amend, transfer or cancel...

Section 55-5-106 - Issuance, amendment, cancellation and duration. - (a) A letter of credit is issued and becomes enforceable...

Section 55-5-107 - Confirmer, nominated person and adviser. - (a) A confirmer is directly obligated on a letter of...

Section 55-5-108 - Issuer's rights and obligations. - (a) Except as otherwise provided in Section 55-5-109 NMSA 1978,...

Section 55-5-109 - Fraud and forgery. - (a) If a presentation is made that appears on its...

Section 55-5-110 - Warranties. - (a) If its presentation is honored, the beneficiary warrants: (1)...

Section 55-5-111 - Remedies. - (a) If an issuer wrongfully dishonors or repudiates its obligation...

Section 55-5-112 - Transfer of letter of credit. - (a) Except as otherwise provided in Section 55-5-113 NMSA 1978,...

Section 55-5-113 - Transfer by operation of law. - (a) A successor of a beneficiary may consent to amendments,...

Section 55-5-114 - Assignment of proceeds. - (a) In this section, "proceeds of a letter of credit"...

Section 55-5-115 - Statute of limitations. - An action to enforce a right or obligation arising under...

Section 55-5-116 - Choice of law and forum. - (a) The liability of an issuer, nominated person or adviser...

Section 55-5-117 - Subrogation of issuer, applicant and nominated person. - (a) An issuer that honors a beneficiary's presentation is subrogated...

Section 55-5-118 - Security interest of issuer or nominated person. - (a) An issuer or nominated person has a security interest...

Article 6 - Bulk Transfers (Repealed.)

Section 55-6-101 to 55-6-110 - Repealed. - Repeals. — Laws 1992, ch. 114, § 237C repealed 55-6-101...

Article 7 - Documents of Title

Part 1 - GENERAL

Section 55-7-101 - Short title. - This article shall be known and may be cited as...

Section 55-7-102 - Definitions and index of definitions. - (a) In Chapter 55, Article 7 NMSA 1978, unless the...

Section 55-7-103 - Relation of article to treaty or statute. - (a) Chapter 55, Article 7 NMSA 1978 is subject to...

Section 55-7-104 - Negotiable and nonnegotiable document of title. - (a) Except as otherwise provided in Subsection (c) of this...

Section 55-7-105 - Reissuance in alternative medium. - (a) Upon request of a person entitled under an electronic...

Section 55-7-106 - Control of electronic document of title. - (a) A person has control of an electronic document of...

Part 2 - WAREHOUSE RECEIPTS; SPECIAL PROVISIONS

Section 55-7-201 - Person that may issue a warehouse receipt; storage under bond. - (a) A warehouse receipt may be issued by any warehouse....

Section 55-7-202 - Form of warehouse receipt; effect of omission. - (a) A warehouse receipt need not be in any particular...

Section 55-7-203 - Liability for nonreceipt or misdescription. - A party to or purchaser for value in good faith...

Section 55-7-204 - Duty of care; contractual limitation of warehouse's liability. - (a) A warehouse is liable for damages for loss of...

Section 55-7-205 - Title under warehouse receipt defeated in certain cases. - A buyer in ordinary course of business of fungible goods...

Section 55-7-206 - Termination of storage at warehouse's option. - (a) A warehouse, by giving notice to the person on...

Section 55-7-207 - Goods must be kept separate; fungible goods. - (a) Unless the warehouse receipt provides otherwise, a warehouse shall...

Section 55-7-208 - Altered warehouse receipts. - If a blank in a negotiable tangible warehouse receipt has...

Section 55-7-209 - Lien of warehouse. - (a) A warehouse has a lien against the bailor on...

Section 55-7-210 - Enforcement of warehouse's lien. - (a) Except as otherwise provided in Subsection (b) of this...

Part 3 - BILLS OF LADING; SPECIAL PROVISIONS

Section 55-7-301 - Liability for nonreceipt or misdescription; "said to contain"; "shipper's weight, load and count"; improper handling. - (a) A consignee of a nonnegotiable bill of lading that...

Section 55-7-302 - Through bills of lading and similar documents of title. - (a) The issuer of a through bill of lading, or...

Section 55-7-303 - Diversion; reconsignment; change of instructions. - (a) Unless the bill of lading otherwise provides, a carrier...

Section 55-7-304 - Tangible bills of lading in a set. - (a) Except as customary in international transportation, a tangible bill...

Section 55-7-305 - Destination bills. - (a) Instead of issuing a bill of lading to the...

Section 55-7-306 - Altered bills of lading. - An unauthorized alteration or filling in of a blank in...

Section 55-7-307 - Lien of carrier. - (a) A carrier has a lien on the goods covered...

Section 55-7-308 - Enforcement of carrier's lien. - (a) A carrier's lien on goods may be enforced by...

Section 55-7-309 - Duty of care; contractual limitation of carrier's liability. - (a) A carrier that issues a bill of lading, whether...

Part 4 - WAREHOUSE RECEIPTS AND BILLS OF LADING; GENERAL OBLIGATIONS

Section 55-7-401 - Irregularities in issue of receipt or bill or conduct of issuer. - The obligations imposed by Chapter 55, Article 7 NMSA 1978...

Section 55-7-402 - Duplicate document of title; overissue. - A duplicate or any other document of title purporting to...

Section 55-7-403 - Obligation of bailee to deliver; excuse. - (a) A bailee shall deliver the goods to a person...

Section 55-7-404 - No liability for good-faith delivery pursuant to document of title. - A bailee that in good faith has received goods and...

Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING; NEGOTIATION AND TRANSFER

Section 55-7-501 - Form of negotiation and requirements of due negotiation. - (a) The following rules apply to a negotiable tangible document...

Section 55-7-502 - Rights acquired by due negotiation. - (a) Subject to Sections 55-7-205 and 55-7-503 NMSA 1978, a...

Section 55-7-503 - Document of title to goods defeated in certain cases. - (a) A document of title confers no right in goods...

Section 55-7-504 - Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery. - (a) A transferee of a document of title, whether negotiable...

Section 55-7-505 - Indorser not guarantor for other parties. - The indorsement of a tangible document of title issued by...

Section 55-7-506 - Delivery without indorsement; right to compel indorsement. - The transferee of a negotiable tangible document of title has...

Section 55-7-507 - Warranties on negotiation or delivery of document of title. - If a person negotiates or delivers a document of title...

Section 55-7-508 - Warranties of collecting bank as to documents of title. - A collecting bank or other intermediary known to be entrusted...

Section 55-7-509 - Adequate compliance with commercial contract. - Whether a document of title is adequate to fulfill the...

Part 6 - WAREHOUSE RECEIPTS AND BILLS OF LADING; MISCELLANEOUS PROVISIONS

Section 55-7-601 - Lost, stolen or destroyed documents of title. - (a) If a document of title is lost, stolen or...

Section 55-7-602 - Judicial process against goods covered by negotiable document of title. - Unless a document of title was originally issued upon delivery...

Section 55-7-603 - Conflicting claims; interpleader. - If more than one person claims title to or possession...

Part 7 - WAREHOUSE RECEIPTS; SPECIAL PENALTY PROVISIONS

Section 55-7-701 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-701...

Section 55-7-702 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-702...

Section 55-7-703 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-703...

Section 55-7-704 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-704...

Section 55-7-705 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-705...

Section 55-7-706 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-706...

Part 8 - BILLS OF LADING; SPECIAL PENALTY PROVISIONS

Section 55-7-801 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-801...

Section 55-7-802 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-802...

Section 55-7-803 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-803...

Section 55-7-804 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-804...

Section 55-7-805 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-805...

Section 55-7-806 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-806...

Section 55-7-807 - Repealed. - Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-807...

Article 8 - Investment Securities

Part 1 - SHORT TITLE AND GENERAL MATTERS

Section 55-8-101 - Short title. - Chapter 55, Article 8 NMSA 1978 may be cited as...

Section 55-8-102 - Definitions. - (a) In this article: (1) "adverse claim" means a claim...

Section 55-8-103 - Rules for determining whether certain obligations and interests are securities or financial assets. - (a) A share or similar equity interest issued by a...

Section 55-8-104 - Acquisition of security or financial asset or interest therein. - (a) A person acquires a security or an interest therein,...

Section 55-8-105 - Notice of adverse claim. - (a) A person has notice of an adverse claim if:...

Section 55-8-106 - Control. - (a) A purchaser has "control" of a certificated security in...

Section 55-8-107 - Whether indorsement, instruction or entitlement order is effective. - (a) "Appropriate person" means: (1) with respect to an indorsement,...

Section 55-8-108 - Warranties in direct holding. - (a) A person who transfers a certificated security to a...

Section 55-8-109 - Warranties in indirect holding. - (a) A person who originates an entitlement order to a...

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New Mexico Statutes Chapter 55 - Uniform Commercial Code

New Mexico Statutes
Chapter 55 - Uniform Commercial Code