(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a conforming delivery within the time provided in the lease contract.
(2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee.
History: 1978 Comp., § 55-2A-513, enacted by Laws 1992, ch. 114, § 68.
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 2-508 [55-2-508 NMSA 1978].
Changes: Revised to reflect leasing practices and terminology.
"Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978].
"Delivery". Section 1-201(14) [55-1-201 NMSA 1978].
"Lease contract". Section 2A-103(1)(l) [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].
"Money". Section 1-201(24) [55-1-201 NMSA 1978].
"Notifies". Section 1-201(26) [55-1-201 NMSA 1978].
"Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978].
"Seasonably". Section 1-204(3) [55-1-204 NMSA 1978].
"Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 68 effective July 1, 1992.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Section 55-2A-501 - Default; procedure.
Section 55-2A-502 - Notice after default.
Section 55-2A-503 - Modification or impairment of rights and remedies.
Section 55-2A-504 - Liquidation of damages.
Section 55-2A-506 - Statute of limitations.
Section 55-2A-507 - Proof of market rent; time and place.
Section 55-2A-508 - Lessee's remedies.
Section 55-2A-509 - Lessee's rights on improper delivery; rightful rejection.
Section 55-2A-510 - Installment lease contracts; rejection and default.
Section 55-2A-511 - Merchant lessee's duties as to rightfully rejected goods.
Section 55-2A-512 - Lessee's duties as to rightfully rejected goods.
Section 55-2A-513 - Cure by lessor of improper tender or delivery; replacement.
Section 55-2A-514 - Waiver of lessee's objections.
Section 55-2A-515 - Acceptance of goods.
Section 55-2A-517 - Revocation of acceptance of goods.
Section 55-2A-518 - Cover; substitute goods.
Section 55-2A-520 - Lessee's incidental and consequential damages.
Section 55-2A-521 - Lessee's right to specific performance or replevin.
Section 55-2A-522 - Lessee's right to goods on lessor's insolvency.
Section 55-2A-523 - Lessor's remedies.
Section 55-2A-524 - Lessor's right to identify goods to lease contract.
Section 55-2A-525 - Lessor's right to possession of goods.
Section 55-2A-526 - Lessor's stoppage of delivery in transit or otherwise.
Section 55-2A-527 - Lessor's rights to dispose of goods.
Section 55-2A-529 - Lessor's action for the rent.
Section 55-2A-530 - Lessor's incidental damages.
Section 55-2A-531 - Standing to sue third parties for injury to goods.