New Mexico Statutes
Chapter 55 - Uniform Commercial Code
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Section 55-3-120 to 55-3-122 - Repealed.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 — Laws 1992, ch. 114, § 237A repealed 55-3-120...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...

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New Mexico Statutes Chapter 55 - Uniform Commercial Code Article 3 - Negotiable Instruments

New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 3 - Negotiable Instruments