reglab/housing_qa huggingface dataset:
NM Stat § 55-2A-212 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-212 - Implied warranty of merchantability.

(1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind. (2) Goods to be merchantable must be at least such as: (a) pass without objection in the trade under the description in the lease agreement; (b) in the case of fungible goods, are of fair average quality within the description; (c) are fit for the ordinary purposes for which goods of that type are used; (d) run, within the variation permitted by the lease agreement, of even kind, quality and quantity within each unit and among all units involved; (e) are adequately contained, packaged and labeled as the lease agreement may require; and (f) conform to any promises or affirmations of fact made on the container or label. (3) Other implied warranties may arise from course of dealing or usage of trade. History: 1978 Comp., § 55-2A-212, enacted by Laws 1992, ch. 114, § 28. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-314 [55-2-314 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. E.g., Glenn Dick Equip. Co. v. Galey Constr., Inc., 97 Idaho 216, 225, 541 P.2d 1184, 1193 (1975) (implied warranty of merchantability (Article 2) extends to lease transactions). "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Course of dealing". Section 1-205 [55-1-205 NMSA 1978]. "Finance lease". Section 2A-103(1)(g) [55-2A-103 NMSA 1978]. "Fungible". Section 1-201(17) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease Agreement". Section 2A-103(1)(k) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Merchant". Section 2-104(1) [55-2-104 NMSA 1978]. "Usage of trade". Section 1-205 [55-1-205 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 28 effective July 1, 1992.
NM Stat § 55-2A-213 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-213 - Implied warranty of fitness for particular purpose.

Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor's skill or judgment to select or furnish suitable goods, there is in the lease contract an implied warranty that the goods will be fit for that purpose. History: 1978 Comp., § 55-2A-213, enacted by Laws 1992, ch. 114, § 29. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-315 [55-2-315 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. E.g., All-States Leasing Co. v. Bass, 96 Idaho 873, 879, 538 P.2d 1177, 1183 (1975) (implied warranty of fitness for a particular purpose (Article 2) extends to lease transactions). "Finance lease". Section 2A-103(1)(g) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Knows". Section 1-201(25) [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]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 29 effective July 1, 1992.
NM Stat § 55-2A-215 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-215 - Cumulation and conflict of warranties express or implied.

Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply: (a) exact or technical specifications displace an inconsistent sample or model or general language of description; (b) a sample from an existing bulk displaces inconsistent general language of description; and (c) express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose. History: 1978 Comp., § 55-2A-215, enacted by Laws 1992, ch. 114, § 31. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-317 [55-2-317 NMSA 1978]. Definitional Cross Reference: — "Party". Section 1-201(29) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 31 effective July 1, 1992.
NM Stat § 55-2A-217 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-217 - Identification.

Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs: (a) when the lease contract is made if the lease contract is for a lease of goods that are existing and identified; (b) when the goods are shipped, marked or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or (c) when the young are conceived, if the lease contract is for a lease of unborn young of animals. History: 1978 Comp., § 55-2A-217, enacted by Laws 1992, ch. 114, § 33. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-501 [55-2-501 NMSA 1978]. Changes: — This section, together with Section 2A-218 [55-2A-218 NMSA 1978], is derived from the provisions of Section 2-501 [55-2-501 NMSA 1978], with changes to reflect lease terminology; however, this section omits as irrelevant to leasing practice the treatment of special property. Purposes: — With respect to subsection (b) there is a certain amount of ambiguity in the reference to when goods are designated, e.g., when the lessor is both selling and leasing goods to the same lessee/buyer and has marked goods for delivery but has not distinguished between those related to the lease contract and those related to the sales contract. As in Section 2-501(1)(b) [55-2-501 NMSA 1978], this issue has been left to be resolved by the courts, case by case. Cross References: — Sections 2-501 and 2A-218 [55-2-501 and 55-2A-218 NMSA 1978, respectively]. "Agreement". Section 1-201(3) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease". Section 2A-103(1)(j) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 33 effective July 1, 1992.
NM Stat § 55-2A-220 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-220 - Effect of default on risk of loss.

(1) Where risk of loss is to pass to the lessee and the time of passage is not stated: (a) if a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with the lessor, or, in the case of a finance lease, the supplier, until cure or acceptance; and (b) if the lessee rightfully revokes acceptance, he, to the extent of any deficiency in his effective insurance coverage, may treat the risk of loss as having remained with the lessor from the beginning. (2) Whether or not risk of loss is to pass to the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates or is otherwise in default under the lease contract, the lessor, or, in the case of a finance lease, the supplier, to the extent of any deficiency in his effective insurance coverage may treat the risk of loss as resting on the lessee for a commercially reasonable time. History: 1978 Comp., § 55-2A-220, enacted by Laws 1992, ch. 114, § 36. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-510 [55-2-510 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. The rule in Section (1)(b) does not allow the lessee under a finance lease to treat the risk of loss as having remained with the supplier from the beginning. This is appropriate given the limited circumstances under which the lessee under a finance lease is allowed to revoke acceptance. Section 2A-517 and Section 2A-516 [55-2A-517 and 55-2A-516 NMSA 1978, respectively] official comment. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Finance lease". Section 2A-103(1)(g) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 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]. "Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 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, § 36 effective July 1, 1992.
NM Stat § 55-2A-221 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT|Section 55-2A-221 - Casualty to identified goods.

If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or Section 55-2A-219 NMSA 1978, then: (a) if the loss is total, the lease contract is avoided; and (b) if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor. History: 1978 Comp., § 55-2A-221, enacted by Laws 1992, ch. 114, § 37. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: Section 2-613 [55-2-613 NMSA 1978]. Changes: Revised to reflect leasing practices and terminology. Purpose: — Due to the vagaries of determining the amount of due allowance (Section 2-613(b)) [55-2-613 NMSA 1978], no attempt was made in subsection (b) to treat a problem unique to lease contracts and installment sales contracts: determining how to recapture the allowance, e.g., application to the first or last rent payments or allocation, pro rata, to all rent payments. Cross References: — Section 2-613 [55-2-613 NMSA 1978]. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Consumer lease". Section 2A-103(1)(e) [55-2A-103 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Fault". Section 2A-103(1)(f) [55-2A-103 NMSA 1978]. "Finance lease". Section 2A-103(1)(g) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease". Section 2A-103(1)(j) [55-2A-103 NMSA 1978]. "Lease agreement". Section 2A-103(1)(k) [55-2A-103 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]. "Rights". Section 1-201(36) [55-1-201 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, § 37 effective July 1, 1992.
NM Stat § 55-2A-302 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|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. ANNOTATIONSOFFICIAL 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.
NM Stat § 55-2A-306 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 3 - EFFECT OF LEASE CONTRACT|Section 55-2A-306 - Priority of certain liens arising by operation of law.

If a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise. History: 1978 Comp., § 55-2A-306, enacted by Laws 1992, ch. 114, § 43. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 9-310 [55-9-310 NMSA 1978]. Changes: — The approach reflected in the provisions of Section 9-310 [55-9-310 NMSA 1978] was included, but revised to conform to leasing terminology and to expand the exception to the special priority granted to protected liens to cover liens created by rule of law as well as those created by statute. Purposes: — This section should be interpreted to allow a qualified lessor or a qualified lessee to be the competing lienholder if the statute or rule of law so provides. The reference to statute includes applicable regulations and cases; these sources must be reviewed in resolving a priority dispute under this section. Cross Reference: — Section 9-310 [55-9-310 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 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]. "Lien". Section 2A-103(1)(r) [55-2A-103 NMSA 1978]. "Person". Section 1-201(30) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 43 effective July 1, 1992.
NM Stat § 55-2A-311 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 3 - EFFECT OF LEASE CONTRACT|Section 55-2A-311 - Priority subject to subordination.

Nothing in this article prevents subordination by agreement by any person entitled to priority. History: 1978 Comp., § 55-2A-311, enacted by Laws 1992, ch. 114, § 48. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 9-316 [55-9-316 NMSA 1978]. Purposes: — The several preceding sections deal with questions of priority. This section is inserted to make it entirely clear that a person entitled to priority may effectively agree to subordinate the claim. Only the person entitled to priority may make such an agreement: the rights of such a person cannot be adversely affected by an agreement to which that person is not a party. Cross References: — Sections 1-102 and 2A-304 through 2A-310 [55-1-102 and 55-2A-304 to 55-2A-310 NMSA 1978, respectively]. "Agreement". Section 1-201(3) [55-1-201 NMSA 1978]. "Person". Section 1-201(30) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 48 effective July 1, 1992.
NM Stat § 55-2A-401 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 4 - PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED|Section 55-2A-401 - Insecurity; adequate assurance of performance.

(1) A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. (2) If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable the insecure party may suspend any performance for which he has not already received the agreed return. (3) A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed thirty days after receipt of a demand by the other party. (4) Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance offered must be determined according to commercial standards. (5) Acceptance of any nonconforming delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance. History: 1978 Comp., § 55-2A-401, enacted by Laws 1992, ch. 114, § 49. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-609 [55-2-609 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. Note that in the analogue to Subsection (3) (Section 2-609(4)) [55-2-609 NMSA 1978], the adjective "justified" modifies demand. The adjective was deleted here as unnecessary, implying no substantive change. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Agreed". Section 1-201(3) [55-1-201 NMSA 1978]. "Between merchants". Section 2-104(3) [55-2-104 NMSA 1978]. "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]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. "Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978]. "Receipt". Section 2-103(1)(c) [55-2-103 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Writing". Section 1-201(46) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 49 effective July 1, 1992.
NM Stat § 55-2A-402 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 4 - PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED|Section 55-2A-402 - Anticipatory repudiation.

If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may: (a) for a commercially reasonable time, await retraction of repudiation and performance by the repudiating party; (b) make demand pursuant to Section 55-2A-401 NMSA 1978 and await assurance of future performance adequate under the circumstances of the particular case; or (c) resort to any right or remedy upon default under the lease contract or this article, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party's performance and assurance and has urged retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this article on the lessor's right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (Section 55-2A-524 NMSA 1978). History: 1978 Comp., § 55-2A-402, enacted by Laws 1992, ch. 114, § 50. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-610 [55-2-610 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Notifies". Section 1-201(26) [55-1-201 NMSA 1978]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. "Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978]. "Remedy". Section 1-201(34) [55-1-201 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 50 effective July 1, 1992.