NM Stat § 55-2-103 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 1 - SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER|Section 55-2-103 - Definitions and index of definitions.

(1) In this article, unless the context otherwise requires: (a) "buyer" means a person who buys or contracts to buy goods; (b) [reserved]; (c) "receipt" of goods means taking physical possession of them; and (d) "seller" means a person who sells or contracts to sell goods. (2) Other definitions applying to this article, or to specified parts thereof, and the sections in which they appear are: ||  "acceptance"    Section 55-2-606 NMSA 1978;   ||  "banker's credit"    Section 55-2-325 NMSA 1978;   ||  "between merchants"    Section 55-2-104 NMSA 1978;   ||  "cancellation"    Section 55-2-106 NMSA 1978;   ||  "commercial unit"    Section 55-2-105 NMSA 1978;   ||  "confirmed credit"    Section 55-2-325 NMSA 1978;   ||  "conforming to contract"    Section 55-2-106 NMSA 1978;   ||  "contract for sale"    Section 55-2-106 NMSA 1978;   ||  "cover"    Section 55-2-712 NMSA 1978;   ||  "entrusting"    Section 55-2-403 NMSA 1978;   ||  "financing agency"    Section 55-2-104 NMSA 1978;   ||  "future goods"    Section 55-2-105 NMSA 1978;   ||  "goods"    Section 55-2-105 NMSA 1978;   ||  "identification"    Section 55-2-501 NMSA 1978;   ||  "installment contract"    Section 55-2-612 NMSA 1978;   ||  "letter of credit"    Section 55-2-325 NMSA 1978;   ||  "lot"    Section 55-2-105 NMSA 1978;   ||  "merchant"    Section 55-2-104 NMSA 1978;   ||  "overseas"    Section 55-2-323 NMSA 1978;   ||  "person in the position of a seller"    Section 55-2-707 NMSA 1978;   ||  "present sale"    Section 55-2-106 NMSA 1978;   ||  "sale"    Section 55-2-106 NMSA 1978;   ||  "sale on approval"    Section 55-2-326 NMSA 1978;   ||  "sale or return"    Section 55-2-326 NMSA 1978; and   ||  "termination"    Section 55-2-106 NMSA 1978.   |(3) "Control", as provided in Section 55-7-106 NMSA 1978, and the following definitions in other articles apply to this article: ||  "check".    Section 55-3-104 NMSA 1978;   ||  "consignee".    Section 55-7-102 NMSA 1978;   ||  "consignor".    Section 55-7-102 NMSA 1978;   ||  "consumer goods".    Section 55-9-102 NMSA 1978;   ||  "dishonor".    Section 55-3-502 NMSA 1978; and   ||  "draft".    Section 55-3-104 NMSA 1978.   |(4) In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article. History: 1953 Comp., § 50A-2-103, enacted by Laws 1961, ch. 96, § 2-103; 1993, ch. 214, § 2; 2001, ch. 139, § 128; 2005, ch. 144, § 25. 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. — Subsection (1): Section 76, Uniform Sales Act. Changes. — The definitions of "buyer" and "seller" have been slightly rephrased, the reference in Section 76 of the prior act to "any legal successor in interest of such person" being omitted. The definition of "receipt" is new. 1. The phrase "any legal successor in interest of such person" has been eliminated since Section 2-210 [55-2-210 NMSA 1978] of this article, which limits some types of delegation of performance on assignment of a sales contract, makes it clear that not every such successor can be safely included in the definition. In every ordinary case, however, such successors are as of course included. 2. "Receipt" must be distinguished from delivery particularly in regard to the problems arising out of shipment of goods, whether or not the contract calls for making delivery by way of documents of title, since the seller may frequently fulfill his obligations to "deliver" even though the buyer may never "receive" the goods. Delivery with respect to documents of title is defined in Article 1 and requires transfer of physical delivery of a tangible document of title and transfer of control of an electronic document of title. Otherwise the many divergent incidents of delivery are handled incident by incident. Point 1: See Section 2-210 and Comment thereon. Point 2: Section 1-201. Definitional cross reference. — "Person". Section 1-201 [55-1-201 NMSA 1978]. The 2005 amendment, effective January 1, 2006, deleted the definition of "good faith" in Subsection (1)(b) and defined "control" in Subsection (3) to include the meaning of "control" as provided in Section 55-7-106 NMSA 1978. The 2001 amendment, effective July 1, 2001, substituted "Chapter 55, Article 1 NMSA 1978" for "Article 1" in Subsection (4). The 1993 amendment, effective July 1, 1993, made a stylistic change in Subsection (1), substituted NMSA 1978 citations for Uniform Commercial Code citations throughout Subsections (2) and (3), and substituted "consumer goods" for "consumer of goods" in Subsection (3). Law reviews. — For article, "Buyers and Sellers of Goods in Bankruptcy," see 1 N.M. L. Rev. 435 (1971). Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 39. 77A C.J.S. Sales § 1 et seq.; 82 C.J.S. Statutes § 315.