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