reglab/housing_qa huggingface dataset:
NM Stat § 55-4A-212 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 2 - ISSUE AND ACCEPTANCE OF PAYMENT ORDER|Section 55-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.

If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in Section 55-4A-209 NMSA 1978, and liability is limited to that provided in this article. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this article or by express agreement. History: 1978 Comp., § 55-4A-212, enacted by Laws 1992, ch. 114, § 216. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. With limited exceptions stated in this Article, the duties and obligations of receiving banks that carry out a funds transfer arise only as a result of acceptance of payment orders or of agreements made by receiving banks. Exceptions are stated in Section 4A-209(b)(3) and Section 4A-210(b) [55-4A-209 and 55-4A-210 NMSA 1978, respectively]. A receiving bank is not like a collecting bank under Article 4. No receiving bank, whether it be an originator's bank, an intermediary bank or a beneficiary's bank, is an agent for any other party in the funds transfer. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-304 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 3 - EXECUTION OF SENDER'S PAYMENT ORDER|Section 55-4A-304 - Duty of sender to report erroneously executed payment order.

If the sender of a payment order that is erroneously executed as stated in Section 55-4A-303 NMSA 1978 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under Section 55-4A-402(d) NMSA 1978 for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section. History: 1978 Comp., § 55-4A-304, enacted by Laws 1992, ch. 114, § 220. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is identical in effect to Section 4A-204 [55-4A-204 NMSA 1978] which applies to unauthorized orders issued in the name of a customer of the receiving bank. The rationale is stated in Comment 2 to Section 4A-204 [55-4A-204 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-401 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 4 - PAYMENT|Section 55-4A-401 - Payment date.

Payment date of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank. History: 1978 Comp., § 55-4A-401, enacted by Laws 1992, ch. 114, § 222. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. "Payment date" refers to the day the beneficiary's bank is to pay the beneficiary. The payment date may be expressed in various ways so long as it indicates the day the beneficiary is to receive payment. For example, in ACH transfers the payment date is the equivalent of "settlement date" or "effective date." Payment date applies to the payment order issued to the beneficiary's bank, but a payment order issued to a receiving bank other than the beneficiary's bank may also state a date for payment to the beneficiary. In the latter case, the statement of a payment date is to instruct the receiving bank concerning time of execution of the sender's order. Section 4A-301(b) [55-4A-301 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-503 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 5 - MISCELLANEOUS PROVISIONS|Section 55-4A-503 - Injunction or restraining order with respect to funds transfer.

For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payment order of the originator, or (iii) the beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order or otherwise acting with respect to a funds transfer. History: 1978 Comp., § 55-4A-503, enacted by Laws 1992, ch. 114, § 230. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is related to Section 4A-502(d) [55-4A-502 NMSA 1978] and to Comment 4 to Section 4A-502. It is designed to prevent interruption of a funds transfer after it has been set in motion. The initiation of a funds transfer can be prevented by enjoining the originator or the originator's bank from issuing a payment order. After the funds transfer is completed by acceptance of a payment order by the beneficiary's bank, that bank can be enjoined from releasing funds to the beneficiary or the beneficiary can be enjoined from withdrawing the funds. No other injunction is permitted. In particular, intermediary banks are protected, and injunctions against the originator and the originator's bank are limited to issuance of a payment order. Except for the beneficiary's bank, nobody can be enjoined from paying a payment order, and no receiving bank can be enjoined from receiving payment from the sender of the order that it accepted. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-504 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 5 - MISCELLANEOUS PROVISIONS|Section 55-4A-504 - Order in which items and payment orders may be charged to account; order of withdrawals from account.

(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence. (b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied. History: 1978 Comp., § 55-4A-504, enacted by Laws 1992, ch. 114, § 231. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Subsection (a) concerns priority among various obligations that are to be paid from the same account. A customer may have written checks on its account with the receiving bank and may have issued one or more payment orders payable from the same account. If the account balance is not sufficient to cover all of the checks and payment orders, some checks may be dishonored and some payment orders may not be accepted. Although there is no concept of wrongful dishonor of a payment order in Article 4A in the absence of an agreement to honor by the receiving bank, some rights and obligations may depend on the amount in the customer's account. Section 4A-209(b)(3) and Section 4A-210(b) [55-4A-209 and 55-4A-210 NMSA 1978, respectively]. Whether dishonor of a check is wrongful also may depend upon the balance in the customer's account. Under subsection (a), the bank is not required to consider the competing items and payment orders in any particular order. Rather it may charge the customer's account for the various items and orders in any order. Suppose there is $12,000 in the customer's account. If a check for $5,000 is presented for payment and the bank receives a $10,000 payment order from the customer, the bank could dishonor the check and accept the payment order. Dishonor of the check is not wrongful because the account balance was less than the amount of the check after the bank charged the account $10,000 on account of the payment order. Or, the bank could pay the check and not execute the payment order because the amount of the order is not covered by the balance in the account. 2. Subsection (b) follows Section 4-208(b) [55-4-208 NMSA 1978] in using the first-in-first-out rule for determining the order in which credits to an account are withdrawn. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-505 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 5 - MISCELLANEOUS PROVISIONS|Section 55-4A-505 - Preclusion of objection to debit of customer's account.

If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one year after the notification was received by the customer. History: 1978 Comp., § 55-4A-505, enacted by Laws 1992, ch. 114, § 232. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is in the nature of a statute of repose for objecting to debits made to the customer's account. A receiving bank that executes payment orders of a customer may have received payment from the customer by debiting the customer's account with respect to a payment order that the customer was not required to pay. For example, the payment order may not have been authorized or verified pursuant to Section 4A-202 [55-4A-202 NMSA 1978] or the funds transfer may not have been completed. In either case the receiving bank is obliged to refund the payment to the customer and this obligation to refund payment cannot be varied by agreement. Section 4A-204 and Section 4A-402 [55-4A-204 and 55-4A-402 NMSA 1978, respectively]. Refund may also be required if the receiving bank is not entitled to payment from the customer because the bank erroneously executed a payment order. Section 4A-303 [55-4A-303 NMSA 1978]. A similar analysis applies to that case. Section 4A-402(d) and (f) [55-4A-202 NMSA 1978] require refund and the obligation to refund may not be varied by agreement. Under 4A-505 [55-4A-505 NMSA 1978], however, the obligation to refund may not be asserted by the customer if the customer has not objected to the debiting of the account within one year after the customer received notification of the debit. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-7-101 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 1 - GENERAL|Section 55-7-101 - Short title.

This article shall be known and may be cited as Uniform Commercial Code - Documents of Title. History: 1953 Comp., § 50A-7-101, enacted by Laws 1961, ch. 96, § 7-101. 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. — Former Section 7-101 [55-7-101 NMSA 1978]. Changes. — Revised for style only. This Article is a revision of the 1962 Official Text with Comments as amended since 1962. The 1962 Official Text was a consolidation and revision of the Uniform Warehouse Receipts Act and the Uniform Bills of Lading Act, and embraced the provisions of the Uniform Sales Act relating to negotiation of documents of title. This Article does not contain the substantive criminal provisions found in the Uniform Warehouse Receipts and Bills of Lading Acts. These criminal provisions are inappropriate to a Commercial Code, and for the most part duplicate portions of the ordinary criminal law relating to frauds. This revision deletes the former Section 7-105 [55-7-105 NMSA 1978] that provided that courts could apply a rule from Parts 2 and 3 by analogy to a situation not explicitly covered in the provisions on warehouse receipts or bills of lading when it was appropriate. This is, of course, an unexceptional proposition and need not be stated explicitly in the statute. Thus former Section 7-105 has been deleted. Whether applying a rule by analogy to a situation is appropriate depends upon the facts of each case. The Article does not attempt to define the tort liability of bailees, except to hold certain classes of bailees to a minimum standard of reasonable care. For important classes of bailees, liabilities in case of loss, damages or destruction, as well as other legal questions associated with particular documents of title, are governed by federal statutes, international treaties, and in some cases regulatory state laws, which supersede the provisions of this Article in case of inconsistency. See Section 7-103 [55-7-103 NMSA 1978]. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 1 et seq.; 78 Am. Jur. 2d Warehouses § 1 et seq. Construction and effect of UCC, art. 7, dealing with warehouse receipts, bills of lading and other documents of title, 21 A.L.R.3d 1339. 13 C.J.S. Carriers §§ 446, 447; 80 C.J.S. Shipping §§ 111 to 114; 93 C.J.S. Warehousemen and Safe Depositaries § 1 et seq.
NM Stat § 55-7-201 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 2 - WAREHOUSE RECEIPTS; SPECIAL PROVISIONS|Section 55-7-201 - Person that may issue a warehouse receipt; storage under bond.

(a) A warehouse receipt may be issued by any warehouse. (b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse. History: 1953 Comp., § 50A-7-201, enacted by Laws 1961, ch. 96, § 7-201; 2005, ch. 144, § 57. 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. — Former Section 7-201 [55-7-201 NMSA 1978]. Changes. — Update for style only. It is not intended by re-enactment of subsection (a) to repeal any provisions of special licensing or other statutes regulating who may become a warehouse. Limitations on the transfer of the receipts and criminal sanctions for violation of such limitations are not impaired. Section 7-103 [55-7-103 NMSA 1978]. Compare Section 7-401(4) [55-7-401 NMSA 1978] on the liability of the issuer in such cases. Subsection (b) covers receipts issued by the owner for whiskey or other goods stored in bonded warehouses under such statutes as 26 U.S.C. Chapter 51. Cross References. — Sections 7-103 [55-7-103 NMSA 1978], 7-401 [55-7-401 NMSA 1978]. "Warehouse receipt". Section 1-201 [55-1-201 NMSA 1978]. "Warehouse". Section 7-102 [55-7-102 NMSA 1978]. Repeals and reenactments. — Laws 2005, ch. 144, § 57 repealed former 55-7-201 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-201, and enacted a new section, effective January 1, 2006. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 48; 68A Am. Jur. 2d Secured Transactions § 109; 78 Am. Jur. 2d Warehouses §§ 42, 44. Uniform Warehouse Receipts Act as affecting liens on the property represented by the receipts, 61 A.L.R. 949. Relationship of bailor and bailee as between owner of goods in bonded warehouse and proprietor of warehouse, 77 A.L.R. 1502. Legal effect of transaction by which grain or other commodity is received for storage by one who has not complied with statutory conditions necessary to become public warehouseman, 108 A.L.R. 928. Statutory warehousing as determined by character of property stored, 132 A.L.R. 532. Validity of field warehousing, 133 A.L.R. 209. Estoppel of owner who permits another to have possession of certificates or other evidences of title, of personal property endorsed in blank or otherwise showing ownership in possessor, to deny latter's authority to deal with, the property, 151 A.L.R. 690. Warehouseman's liability for loss occasioned by failure to issue a proper receipt to depositor, 168 A.L.R. 945. 93 C.J.S. Warehousemen and Safe Depositaries § 17.
NM Stat § 55-7-203 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 2 - WAREHOUSE RECEIPTS; SPECIAL PROVISIONS|Section 55-7-203 - Liability for nonreceipt or misdescription.

A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that: (1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity or condition or the receipt or description is qualified by "contents, condition, and quality unknown", "said to contain" or words of similar import, if the indication is true; or (2) the party or purchaser otherwise has notice of the nonreceipt or misdescription. History: 1953 Comp., § 50A-7-203, enacted by Laws 1961, ch. 96, § 7-203; 2005, ch. 144, § 59. 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. — Former Section 7-203 [55-7-203 NMSA 1978]. Changes. — Changes to this section are for style only. This section is a simplified restatement of existing law as to the method by which a bailee may avoid responsibility for the accuracy of descriptions which are made by or in reliance upon information furnished by the depositor. The issuer is liable on documents issued by an agent, contrary to instructions of its principal, without receiving goods. No disclaimer of the latter liability is permitted. Cross Reference. — Section 7-301 [55-7-301 NMSA 1978]. "Conspicuous". Section 1-201 [55-1-201 NMSA 1978]. "Document of title". Section 1-201. "Goods". Section 7-102 [55-7-102 NMSA 1978]. "Good Faith". Section 1-201. "Issuer". Section 7-102. "Notice". Section 1-202 [55-1-202 NMSA 1978]. "Party". Section 1-201. "Purchaser". Section 1-201. "Receipt of goods". Section 2-103 [55-2-103 NMSA 1978]. "Value". Section 1-204 [55-1-204 NMSA 1978]. Repeals and reenactments. — Laws 2005, ch. 144, § 59, effective January 1, 2006, repealed former 55-7-203 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-203, and enacted a new section. Except for style changes, there is no difference between the former law and the new law. Pursuant to 12-2A-14 NMSA 1978, the 2005 revision is considered an amendment rather than a new enactment. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code §§ 47, 52; 78 Am. Jur. 2d Warehouses § 48. Right of purchaser of warehouse receipt against warehouseman, 38 A.L.R. 1205. Provision in warehouseman's receipt limiting liability as applicable where warehouseman converts property, 99 A.L.R. 266.
NM Stat § 55-7-207 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 2 - WAREHOUSE RECEIPTS; SPECIAL PROVISIONS|Section 55-7-207 - Goods must be kept separate; fungible goods.

(a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. (b) If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated. History: 1953 Comp., § 50A-7-207, enacted by Laws 1961, ch. 96, § 7-207; 2005, ch. 144, § 63. 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. — Former Section 7-207 [55-7-207 NMSA 1978]. Changes. — Changes for style only. No change of substance is made from former Section 7-207 [55-7-207 NMSA 1978]. Holders to whom overissued receipts have been duly negotiated shall share in a mass of fungible goods. Where individual ownership interests are merged into claims on a common fund, as is necessarily the case with fungible goods, there is no policy reason for discriminating between successive purchasers of similar claims. "Delivery". Section 1-201 [55-1-201 NMSA 1978]. "Duly negotiate". Section 7-501 [55-7-501 NMSA 1978]. "Fungible goods". Section 1-201. "Goods". Section 7-102 [55-7-102 NMSA 1978]. "Holder". Section 1-201. "Person". Section 1-201. "Warehouse receipt". Section 1-201. "Warehouse". Section 7-102. Repeals and reenactments. — Laws 2005, ch. 144, § 63, effective January 1, 2006, repealed former 55-7-207 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-207, and enacted a new section. Pursuant to 12-2A-14 NMSA 1978, the 2005 revision is considered an amendment rather than a new enactment. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 44; 78 Am. Jur. 2d Warehouses §§ 39, 45, 179, 181, 228. Deposit of grain without obligation to return identical grain as a bailment or a sale, 54 A.L.R. 1166. "Warehouse purchase receipt" as bailment or contract of sale, 91 A.L.R. 906. Statutory warehousing as determined by character of property stored, 132 A.L.R. 532. 93 C.J.S. Warehousemen and Safe Depositaries §§ 13, 14.