In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee.
History: 1978 Comp., § 55-2A-532, enacted by Laws 1992, ch. 114, § 87.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source: — None.
This section recognizes the right of the lessor to recover under this Article (as well as under other law) from the lessee for failure to comply with the lease obligations as to the condition of leased goods when returned to the lessor, for failure to return the goods at the end of the lease, or for any other default which causes loss or injury to the lessor's residual interest in the goods.
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 87 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.