reglab/housing_qa huggingface dataset:
NM Stat § 55-2-325 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 3 - GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT|Section 55-2-325 - "Letter of credit" term; "confirmed credit.".

(1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale. (2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him. (3) Unless otherwise agreed the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market. History: 1953 Comp., § 50A-2-325, enacted by Laws 1961, ch. 96, § 2-325. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purposes. — To express the established commercial and banking understanding as to the meaning and effects of terms calling for "letters of credit" or "confirmed credit": 1. Subsection (2) follows the general policy of this article and Article 3 (Section 3-802) on conditional payment, under which payment by check or other short-term instrument is not ordinarily final as between the parties if the recipient duly presents the instrument and honor is refused. Thus the furnishing of a letter of credit does not substitute the financing agency's obligation for the buyer's, but the seller must first give the buyer reasonable notice of his intention to demand direct payment from him. 2. Subsection (3) requires that the credit be irrevocable and be a prime credit as determined by the standing of the issuer. It is not necessary, unless otherwise agreed, that the credit be a negotiation credit; the seller can finance himself by an assignment of the proceeds under Section 5-116(2). 3. The definition of "confirmed credit" is drawn on the supposition that the credit is issued by a bank which is not doing direct business in the seller's financial market; there is no intention to require the obligation of two banks both local to the seller. Cross references. — Sections 2-403, 2-511(3) and 3-802 and Article 5. "Buyer". Section 2-103. "Contract for sale". Section 2-106. "Draft". Section 3-104. "Financing agency". Section 2-104. "Notifies". Section 1-201. "Overseas". Section 2-323. "Purchaser". Section 1-201. "Seasonably". Section 1-204. "Seller". Section 2-103. "Term". Section 1-201. Am. Jur. 2d, A.L.R. and C.J.S. references. — 67 Am. Jur. 2d Sales §§ 270, 674. Construction of provision for letter of credit in contract for sale, 38 A.L.R. 608. 77A C.J.S. Sales § 208 et seq.
NM Stat § 55-2-514 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 5 - PERFORMANCE|Section 55-2-514 - When documents deliverable on acceptance; when on payment.

Unless otherwise agreed, documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment. History: 1953 Comp., § 50A-2-514, enacted by Laws 1961, ch. 96, § 2-514. ANNOTATIONSOFFICIAL 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 41, Uniform Bills of Lading Act. Changes. — Rewritten. Purposes of changes. — To make the provision one of general application so that: 1. It covers any document against which a draft may be drawn, whatever may be the form of the document, and applies to interpret the action of a seller or consignor insofar as it may affect the rights and duties of any buyer, consignee or financing agency concerned with the paper. Supplementary or corresponding provisions are found in Sections 4-503 and 5-112. 2. An "arrival" draft is a sight draft within the purpose of this section. Cross references. — Point 1: See Sections 2-502, 2-505(2), 2-507(2), 2-512, 2-513, 2-607 concerning protection of rights of buyer and seller, and 4-503 and 5-112 on delivery of documents. "Delivery". Section 1-201. "Draft". Section 3-104. Am. Jur. 2d, A.L.R. and C.J.S. references. — 13 Am. Jur. 2d Carriers § 311. Damages for bank's breach of duty in surrendering attached bill of lading before payment of draft held for collection, 19 A.L.R. 555, 67 A.L.R. 1511. 77A C.J.S. Sales § 189 et seq.
NM Stat § 55-2-604 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 6 - BREACH, REPUDIATION AND EXCUSE|Section 55-2-604 - Buyer's options as to salvage of rightfully rejected goods.

Subject to the provisions of the immediately preceding section [55-2-603 NMSA 1978] on perishables, if the seller gives no instructions within a reasonable time after notification of rejection, the buyer may store the rejected goods for the seller's account or reship them to him or resell them for the seller's account with reimbursement as provided in the preceding section. Such action is not acceptance or conversion. History: 1953 Comp., § 50A-2-604, enacted by Laws 1961, ch. 96, § 2-604. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purposes. — The basic purpose of this section is twofold: on the one hand it aims at reducing the stake in dispute and on the other at avoiding the pinning of a technical "acceptance" on a buyer who has taken steps towards realization on or preservation of the goods in good faith. This section is essentially a salvage section and the buyer's right to act under it is conditioned upon (1) non-conformity of the goods, (2) due notification of rejection to the seller under the section on manner of rejection and (3) the absence of any instructions from the seller which the merchant-buyer has a duty to follow under the preceding section. This section is designed to accord all reasonable leeway to a rightfully rejecting buyer acting in good faith. The listing of what the buyer may do in the absence of instructions from the seller is intended to be not exhaustive but merely illustrative. This is not a "merchant's" section and the options are pure options given to merchant and non-merchant buyers alike. The merchant-buyer, however, may in some instances be under a duty rather than an option to resell under the provisions of the preceding section. Cross references. — Sections 2-602(1), 2-603(1) and 2-706. "Buyer". Section 2-103. "Notification". Section 1-201. "Reasonable time". Section 1-204. "Seller". Section 2-103. Am. Jur. 2d, A.L.R. and C.J.S. references. — 77A C.J.S. Sales § 198.
NM Stat § 55-2-611 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 6 - BREACH, REPUDIATION AND EXCUSE|Section 55-2-611 - Retraction of anticipatory repudiation.

(1) Until the repudiating party's next performance is due, he can retract his repudiation unless the aggrieved party has since the repudiation cancelled or materially changed his position or otherwise indicated that he considers the repudiation final. (2) Retraction may be by any method which clearly indicates to the aggrieved party that the repudiating party intends to perform, but must include any assurance justifiably demanded under the provisions of this article (Section 2-609 [55-2-609 NMSA 1978]). (3) Retraction reinstates the repudiating party's rights under the contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. History: 1953 Comp., § 50A-2-611, enacted by Laws 1961, ch. 96, § 2-611. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purposes. — To make it clear that: 1. The repudiating party's right to reinstate the contract is entirely dependent upon the action taken by the aggrieved party. If the latter has cancelled the contract or materially changed his position at any time after the repudiation, there can be no retraction under this section. 2. Under Subsection (2) an effective retraction must be accompanied by any assurances demanded under the section dealing with right to adequate assurance. A repudiation is of course sufficient to give reasonable ground for insecurity and to warrant a request for assurance as an essential condition of the retraction. However, after a timely and unambiguous expression of retraction, a reasonable time for the assurance to be worked out should be allowed by the aggrieved party before cancellation. Cross reference. — Point 2: Section 2-609. "Aggrieved party". Section 1-201. "Cancellation". Section 2-106. "Contract". Section 1-201. "Party". Section 1-201. "Rights". Section 1-201. Law reviews. — For comment, "Commercial Law - Uniform Commercial Code - Section 2-609: Right to Adequate Assurance of Performance," see 7 Nat. Resources J. 397 (1967). Am. Jur. 2d, A.L.R. and C.J.S. references. — 77A C.J.S. Sales § 121 et seq.
NM Stat § 55-2-613 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 6 - BREACH, REPUDIATION AND EXCUSE|Section 55-2-613 - Casualty to identified goods.

Where the contract requires for its performance goods identified when the contract is made, and the goods suffer casualty without fault of either party before the risk of loss passes to the buyer, or in a proper case under a "no arrival, no sale" term (Section 2-324 [55-2-324 NMSA 1978]) then: (a) if the loss is total the contract is avoided; and (b) if the loss is partial or the goods have so deteriorated as no longer to conform to the contract, the buyer may nevertheless demand inspection and at his option either treat the contract as avoided or accept the goods with due allowance from the contract price for the deterioration or the deficiency in quantity but without further right against the seller. History: 1953 Comp., § 50A-2-613, enacted by Laws 1961, ch. 96, § 2-613. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — Sections 7 and 8, Uniform Sales Act. Changes. — Rewritten, the basic policy being continued but the test of a "divisible" or "indivisible" sale or contract being abandoned in favor of adjustment in business terms. 1. Where goods whose continued existence is presupposed by the agreement are destroyed without fault of either party, the buyer is relieved from his obligation but may at his option take the surviving goods at a fair adjustment. "Fault" is intended to include negligence and not merely wilful wrong. The buyer is expressly given the right to inspect the goods in order to determine whether he wishes to avoid the contract entirely or to take the goods with a price adjustment. 2. The section applies whether the goods were already destroyed at the time of contracting without the knowledge of either party or whether they are destroyed subsequently but before the risk of loss passes to the buyer. Where under the agreement, including of course usage of trade, the risk has passed to the buyer before the casualty, the section has no application. Beyond this, the essential question in determining whether the rules of this section are to be applied is whether the seller has or has not undertaken the responsibility for the continued existence of the goods in proper condition through the time of agreed or expected delivery. 3. The section on the term "no arrival, no sale" makes clear that delay in arrival, quite as much as physical change in the goods, gives the buyer the options set forth in this section. Cross reference. — Point 3: Section 2-324. "Buyer". Section 2-103. "Conform". Section 2-106. "Contract". Section 1-201. "Fault". Section 1-201. "Goods". Section 2-105. "Party". Section 1-201. "Rights". Section 1-201. "Seller". Section 2-103. Am. Jur. 2d, A.L.R. and C.J.S. references. — Construction and effect of UCC § 2-613 governing casualty to goods identified to a contract, without fault of buyer or seller, 51 A.L.R.4th 537. 77A C.J.S. Sales § 147 et seq.
NM Stat § 55-2-616 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 6 - BREACH, REPUDIATION AND EXCUSE|Section 55-2-616 - Procedure on notice claiming excuse.

(1) Where the buyer receives notification of a material or indefinite delay or an allocation justified under the preceding section [55-2-615 NMSA 1978], he may by written notification to the seller as to any delivery concerned, and where the prospective deficiency substantially impairs the value of the whole contract under the provisions of this article relating to breach of installment contracts (Section 2-612 [55-2-612 NMSA 1978]), then also as to the whole: (a) terminate and thereby discharge any unexecuted portion of the contract; or (b) modify the contract by agreeing to take his available quota in substitution. (2) If after receipt of such notification from the seller, the buyer fails so to modify the contract within a reasonable time not exceeding thirty days, the contract lapses with respect to any deliveries affected. (3) The provisions of this section may not be negated by agreement except insofar as the seller has assumed a greater obligation under the preceding section [55-2-615 NMSA 1978]. History: 1953 Comp., § 50A-2-616, enacted by Laws 1961, ch. 96, § 2-616. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purposes. — This section seeks to establish simple and workable machinery for providing certainty as to when a supervening and excusing contingency "excuses" the delay, "discharges" the contract, or may result in a waiver of the delay by the buyer. When the seller notifies, in accordance with the preceding section, claiming excuse, the buyer may acquiesce, in which case the contract is so modified. No consideration is necessary in a case of this kind to support such a modification. If the buyer does not elect so to modify the contract, he may terminate it and under Subsection (2) his silence after receiving the seller's claim of excuse operates as such a termination. Subsection (3) denies effect to any contract clause made in advance of trouble which would require the buyer to stand ready to take delivery whenever the seller is excused from delivery by unforeseen circumstances. Cross references. — Point 1: Sections 2-209 and 2-615. "Buyer". Section 2-103. "Contract". Section 1-201. "Installment contract". Section 2-612. "Notification". Section 1-201. "Reasonable time". Section 1-204. "Seller". Section 2-103. "Termination". Section 2-106. "Written". Section 1-201. Law reviews. — For comment, "Commercial Law - Uniform Commercial Code - Section 2-609: Right to Adequate Assurance of Performance," see 7 Nat. Resources J. 397 (1967). Am. Jur. 2d, A.L.R. and C.J.S. references. — 77A C.J.S. Sales § 121 et seq.
NM Stat § 55-2-701 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-701 - Remedies for breach of collateral contracts not impaired.

Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this article. History: 1953 Comp., § 50A-2-701, enacted by Laws 1961, ch. 96, § 2-701. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purposes. — Whether a claim for breach of an obligation collateral to the contract for sale requires separate trial to avoid confusion of issues is beyond the scope of this article; but contractual arrangements which as a business matter enter vitally into the contract should be considered a part thereof insofar as cross-claims or defenses are concerned. "Contract for sale". Section 2-106. "Remedy". Section 1-201. Am. Jur. 2d, A.L.R. and C.J.S. references. — 67A Am. Jur. 2d Sales §§ 853 et seq., 986 et seq. 77A C.J.S. Sales § 325 et seq.
NM Stat § 55-2-707 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-707 - "Person in the position of a seller."

(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. ANNOTATIONSOFFICIAL 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.
NM Stat § 55-2-710 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-710 - Seller's incidental damages.

Incidental damages to an aggrieved seller include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the buyer's breach, in connection with return or resale of the goods or otherwise resulting from the breach. History: 1953 Comp., § 50A-2-710, enacted by Laws 1961, ch. 96, § 2-710. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — See Sections 64 and 70, Uniform Sales Act. Purposes. — To authorize reimbursement of the seller for expenses reasonably incurred by him as a result of the buyer's breach. The section sets forth the principal normal and necessary additional elements of damage flowing from the breach but intends to allow all commercially reasonable expenditures made by the seller. "Aggrieved party". Section 1-201. "Buyer". Section 2-103. "Goods". Section 2-105. "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. Right of seller upon failure of sales contract to recover from purchaser expenses of caring for personal property prior to its resale, 29 A.L.R. 61. 77A C.J.S. Sales § 363 et seq.
NM Stat § 55-2-717 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-717 - Deduction of damages from the price.

The buyer on notifying the seller of his intention to do so may deduct all or any part of the damages resulting from any breach of the contract from any part of the price still due under the same contract. History: 1953 Comp., § 50A-2-717, enacted by Laws 1961, ch. 96, § 2-717. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — See Section 69(1) (a), Uniform Sales Act. 1. This section permits the buyer to deduct from the price damages resulting from any breach by the seller and does not limit the relief to cases of breach of warranty as did the prior uniform statutory provision. To bring this provision into application the breach involved must be of the same contract under which the price in question is claimed to have been earned. 2. The buyer, however, must give notice of his intention to withhold all or part of the price if he wishes to avoid a default within the meaning of the section on insecurity and right to assurances. In conformity with the general policies of this article, no formality of notice is required and any language which reasonably indicates the buyer's reason for holding up his payment is sufficient. Cross reference. — Point 2: Section 2-609. "Buyer". Section 2-103. "Notifies". Section 1-201. Am. Jur. 2d, A.L.R. and C.J.S. references. — Right of purchaser in making tender to deduct from purchase price amount of obligations which it is the vendor's duty to satisfy, 173 A.L.R. 1309. 77A C.J.S. Sales § 395 et seq.
NM Stat § 55-2-720 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-720 - Effect of "cancellation" or "rescission" on claims for antecedent breach.

Unless the contrary intention clearly appears, expressions of "cancellation" or "rescission" of the contract or the like shall not be construed as a renunciation or discharge of any claim in damages for an antecedent breach. History: 1953 Comp., § 50A-2-720, enacted by Laws 1961, ch. 96, § 2-720. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — None. Purpose. — This section is designed to safeguard a person holding a right of action from any unintentional loss of rights by the ill-advised use of such terms as "cancellation", "rescission", or the like. Once a party's rights have accrued they are not to be lightly impaired by concessions made in business decency and without intention to forego them. Therefore, unless the cancellation of a contract expressly declares that it is "without reservation of rights", or the like, it cannot be considered to be a renunciation under this section. Cross reference. — Section 1-107. "Cancellation". Section 2-106. "Contract". Section 1-201. Am. Jur. 2d, A.L.R. and C.J.S. references. — Measure and elements of recovery of buyer rescinding sale of domestic animal for seller's breach of warranty, 35 A.L.R.2d 1273. 77A C.J.S. Sales § 121 et seq.