The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render the writing a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer.
History: 1978 Comp., § 55-2A-203, enacted by Laws 1992, ch. 114, § 19.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source. — Section 2-203 [55-2-203 NMSA 1978].
Changes. — Revised to reflect leasing practices and terminology.
"Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978].
"Writing". Section 1-201(46) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 19 effective July 1, 1992.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT
Section 55-2A-201 - Statute of frauds.
Section 55-2A-202 - Final written expression; parol or extrinsic evidence.
Section 55-2A-203 - Seals inoperative.
Section 55-2A-204 - Formation in general.
Section 55-2A-205 - Firm offers.
Section 55-2A-206 - Offer and acceptance in formation of lease contract.
Section 55-2A-208 - Modification, rescission and waiver.
Section 55-2A-209 - Lessee under finance lease as beneficiary of supply contract.
Section 55-2A-210 - Express warranties.
Section 55-2A-212 - Implied warranty of merchantability.
Section 55-2A-213 - Implied warranty of fitness for particular purpose.
Section 55-2A-214 - Exclusion or modification of warranties.
Section 55-2A-215 - Cumulation and conflict of warranties express or implied.
Section 55-2A-216 - Third-party beneficiaries of express and implied warranties.
Section 55-2A-217 - Identification.
Section 55-2A-218 - Insurance and proceeds.
Section 55-2A-219 - Risk of loss.