(1) A "person in the position of a seller" includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.
(2) A person in the position of a seller may as provided in this article withhold or stop delivery (Section 2-705 [55-2-705 NMSA 1978]) and resell (Section 2-706 [55-2-706 NMSA 1978]) and recover incidental damages (Section 2-710 [55-2-710 NMSA 1978]).
History: 1953 Comp., § 50A-2-707, enacted by Laws 1961, ch. 96, § 2-707.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Prior uniform statutory provision. — Section 52(2), Uniform Sales Act.
Changes. — Rewritten.
Purposes of changes. — To make it clear that:
In addition to following in general the prior uniform statutory provision, the case of a financing agency which has acquired documents by honoring a letter of credit for the buyer or by discounting a draft for the seller has been included in the term "a person in the position of a seller."
Cross reference. — Article 5, Section 2-506.
"Consignee". Section 7-102.
"Consignor". Section 7-102.
"Goods". Section 2-105.
"Security interest". Section 1-201.
"Seller". Section 2-103.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 50 Am. Jur. 2d Letters of Credit and Credit Cards § 75 et seq.; 68A Am. Jur. 2d Secured Transactions § 13.
Factor's liability based on delay in marketing and selling principal's goods, 3 A.L.R.3d 815.
77A C.J.S. Sales § 325 et seq.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Section 55-2-701 - Remedies for breach of collateral contracts not impaired.
Section 55-2-702 - Seller's remedies on discovery of buyer's insolvency.
Section 55-2-703 - Seller's remedies in general.
Section 55-2-705 - Seller's stoppage of delivery in transit or otherwise.
Section 55-2-706 - Seller's resale including contract for resale.
Section 55-2-707 - "Person in the position of a seller."
Section 55-2-708 - Seller's damages for nonacceptance or repudiation.
Section 55-2-709 - Action for the price.
Section 55-2-710 - Seller's incidental damages.
Section 55-2-711 - Buyer's remedies in general; buyer's security interest in rejected goods.
Section 55-2-712 - "Cover"; buyer's procurement of substitute goods.
Section 55-2-713 - Buyer's damages for nondelivery or repudiation.
Section 55-2-714 - Buyer's damages for breach in regard to accepted goods.
Section 55-2-715 - Buyer's incidental and consequential damages.
Section 55-2-716 - Buyer's right to specific performance or replevin.
Section 55-2-717 - Deduction of damages from the price.
Section 55-2-718 - Liquidation or limitation of damages; deposits.
Section 55-2-719 - Contractual modification or limitation of remedy.
Section 55-2-720 - Effect of "cancellation" or "rescission" on claims for antecedent breach.
Section 55-2-721 - Remedies for fraud.
Section 55-2-722 - Who can sue third parties for injury to goods.
Section 55-2-723 - Proof of market price; time and place.
Section 55-2-724 - Admissibility of market quotations.
Section 55-2-725 - Statute of limitations in contracts for sale.