New Mexico Statutes
Part 3 - EFFECT OF LEASE CONTRACT
Section 55-2A-302 - Title to and possession of goods.

Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent.
History: 1978 Comp., § 55-2A-302, enacted by Laws 1992, ch. 114, § 39.
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 9-202 [55-9-202 NMSA 1978].
Changes: — Section 9-202 [55-9-202 NMSA 1978] was modified to reflect leasing terminology and to clarify the law of leases with respect to fraudulent conveyances or transfers.
Purposes: — The separation of ownership and possession of goods between the lessor and the lessee (or a third party) has created problems under certain fraudulent conveyance statutes. See, e.g., In re Ludlum Enters., 510 F.2d 996 (5th Cir. 1975); Suburbia Fed. Sav. & Loan Ass'n v. Bel-Air Conditioning Co., 385 So.2d 1151 (Fla.Dist.Ct.App.1980). This section provides, among other things, that separation of ownership and possession per se does not affect the enforceability of the lease contract. Sections 2A-301 and 2A-308 [55-2A-301 and 55-2A-308 NMSA 1978, respectively].
Cross References: — Sections 2A-301, 2A-308 and 9-202 [55-2A-301, 55-2A-308 and 55-9-202 NMSA 1978, respectively].
"Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978].
"Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978].
"Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 38 effective July 1, 1992.

Structure New Mexico Statutes