New Mexico Statutes
Chapter 55 - Uniform Commercial Code
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...