reglab/housing_qa huggingface dataset:
NM Stat § 55-2A-403 (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-403 - Retraction of anticipatory repudiation.

(1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final. (2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under Section 55-2A-401 NMSA 1978. (3) Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. History: 1978 Comp., § 55-2A-403, enacted by Laws 1992, ch. 114, § 51. 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 2-611 [55-2-611 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. Note that in the analogue to subsection (2) (Section 2-611(2)) [55-2-611 NMSA 1978] the adjective "justifiably" modifies demanded. The adjective was deleted here (as it was in Section 2A-401) [55-2A-401 NMSA 1978] as unnecessary, implying no substantive change. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Cancellation". Section 2A-103(1)(b) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 51 effective July 1, 1992.
NM Stat § 55-2A-404 (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-404 - Substituted performance.

(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted. (2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation: (a) the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and (b) if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee's obligation unless the regulation is discriminatory, oppressive or predatory. History: 1978 Comp., § 55-2A-404, enacted by Laws 1992, ch. 114, § 52. 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 2-614 [55-2-614 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Agreed". Section 1-201(3) [55-1-201 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Fault". Section 2A-103(1)(f) [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]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 52 effective July 1, 1992.
NM Stat § 55-2A-405 (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-405 - Excused performance.

Subject to Section 55-2A-404 NMSA 1978 on substituted performance, the following rules apply: (a) delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with Subsections (b) and (c) is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid; (b) if the causes mentioned in Subsection (a) affect only part of the lessor's or the supplier's capacity to perform, he shall allocate production and deliveries among his customers but at his option may include regular customers not then under contract for sale or lease as well as his own requirements for further manufacture; he may so allocate in any manner that is fair and reasonable; and (c) the lessor seasonably shall notify the lessee and in the case of a finance lease the supplier seasonably shall notify the lessor and the lessee, if known, that there will be delay or nondelivery and, if allocation is required under Subsection (b), of the estimated quota thus made available for the lessee. History: 1978 Comp., § 55-2A-405, enacted by Laws 1992, ch. 114, § 53. 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 2-615 [55-2-615 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Agreed". Section 1-201(3) [55-1-201 NMSA 1978]. "Contract". Section 1-201(11) [55-1-201 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Finance lease". Section 2A-103(1)(g) [55-2A-103 NMSA 1978]. "Good faith". Sections 1-201(19) and 2-103(1)(b) [55-1-201 and 55-2-103 NMSA 1978, respectively]. "Knows". Section 1-201(25) [55-1-201 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]. "Lessee". Section 2A-103(1)(n) [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]. "Sale". Section 2-106(1) [55-2-106 NMSA 1978]. "Seasonably". Section 1-204(3) [55-1-204 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, § 53 effective July 1, 1992.
NM Stat § 55-2A-406 (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-406 - Procedure on excused performance.

(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 55-2A-405 NMSA 1978, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (Section 55-2A-510 NMSA 1978): (a) terminate the lease contract (Section 55-2A-505(2) NMSA 1978); or (b) except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor. (2) If, after receipt of a notification from the lessor under Section 55-2A-405 NMSA 1978, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty days, the lease contract lapses with respect to any deliveries affected. History: 1978 Comp., § 55-2A-406, enacted by Laws 1992, ch. 114, § 54. 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 2-616(1) and (2) [55-2-616 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. Note that subsection 1(a) allows the lessee under a lease, including a finance lease, the right to terminate the lease for excused performance (Sections 2A-404 and 2A-405) [55-2A-404 and 55-2A-405 NMSA 1978, respectively]. However, subsection 1(b), which allows the lessee the right to modify the lease for excused performance, excludes a finance lease that is not a consumer lease. This exclusion is compelled by the same policy that led to codification of provisions with respect to irrevocable promises. Section 2A-407 [55-2A-407 NMSA 1978]. "Consumer lease". Section 2A-103(1)(e) [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]. "Installment lease contract". Section 2A-103(1)(i) [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]. "Notice". Section 1-201(25) [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]. "Termination". Section 2A-103(1)(z) [55-2A-103 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. "Written". Section 1-201(46) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 54 effective July 1, 1992.
NM Stat § 55-2A-502 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-502 - Notice after default.

Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. History: 1978 Comp., § 55-2A-502, enacted by Laws 1992, ch. 114, § 57. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — None. Purposes: — This section makes clear that absent agreement to the contrary or provision in this Article to the contrary, e.g., Section 2A-516(3)(a) [55-2A-516 NMSA 1978], the party in default is not entitled to notice of default or enforcement. While a review of Part 5 of Article 9 leads to the same conclusion with respect to giving notice of default to the debtor, it is never stated. Although Article 9 requires notice of disposition and strict foreclosure, the different scheme of lessors' and lessees' rights and remedies developed under the common law, and codified by this Article, generally does not require notice of enforcement; furthermore, such notice is not mandated by due process requirements. However, certain sections of this Article do require notice. E.g., Section 2A-517(2) [55-2A-517 NMSA 1978]. Cross References: — Sections 2A-516(3)(a), 2A-517(2), and Article 9, esp. Part 5 [55-2A-516 and 55-2A-517 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]. "Notice". Section 1-201(25) [55-1-201 NMSA 1978]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 57 effective July 1, 1992.
NM Stat § 55-2A-505 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-505 - Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies.

(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance. (2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives. (3) Unless the contrary intention clearly appears, expressions of "cancellation", "recission [rescission]" or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default. (4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this article for default. (5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy. History: 1978 Comp., § 55-2A-505, enacted by Laws 1992, ch. 114, § 60. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Sections 2-106(3) and (4), 2-720 and 2-721 [55-2-106, 55-2-720 and 55-2-721 NMSA 1978, respectively]. Changes: — Revised to reflect leasing practices and terminology. "Cancellation". Section 2A-103(1)(b) [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]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. "Remedy". Section 1-201(34) [55-1-201 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Termination". Section 2A-103(1)(z) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 60 effective July 1, 1992.
NM Stat § 55-2A-506 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-506 - Statute of limitations.

(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year. (2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later. (3) If an action commenced within the time limited by Subsection (1) is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. (4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this article becomes effective. History: 1978 Comp., § 55-2A-506, enacted by Laws 1992, ch. 114, § 61. 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 2-725 [55-2-725 NMSA 1978]. Changes: — Substantially rewritten. Purposes: — Subsection (1) does not incorporate the limitation found in Section 2-725(1) [55-2-725 NMSA 1978] prohibiting the parties from extending the period of limitation. Breach of warranty and indemnity claims often arise in a lease transaction; with the passage of time such claims often diminish or are eliminated. To encourage the parties to commence litigation under these circumstances makes little sense. Subsection (2) states two rules for determining when a cause of action accrues. With respect to default, the rule of Section 2-725(2) [55-2-725 NMSA 1978] is not incorporated in favor of a more liberal rule of the later of the date when the default occurs or when the act or omission on which it is based is or should have been discovered. With respect to indemnity, a similarly liberal rule is adopted. Cross References: — Sections 2-725(1) and 2-725(2) [55-2-725 NMSA 1978]. "Action". Section 1-201(1) [55-1-201 NMSA 1978]. "Aggrieved party". Section 1-201(2) [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]. "Remedy". Section 1-201(34) [55-1-201 NMSA 1978]. "Termination". Section 2A-103(1)(z) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 61 effective July 1, 1992.
NM Stat § 55-2A-507 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-507 - Proof of market rent; time and place.

(1) Damages based on market rent (Section 55-2A-519 or 55-2A-528 NMSA 1978) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in Sections 55-2A-519 and 55-2A-528 NMSA 1978. (2) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this article is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place. (3) Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this article offered by one party is not admissible unless and until he has given the other party notice the court finds sufficient to prevent unfair surprise. (4) If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility. History: 1978 Comp., § 55-2A-507, enacted by Laws 1992, ch. 114, § 62. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Sections 2-723 and 2-724 [55-2-723 and 55-2-724 NMSA 1978, respectively]. Changes: — Revised to reflect leasing practices and terminology. Sections 2A-519 and 2A-528 [55-2A-519 and 55-2A-528 NMSA 1978, respectively] specify the times as of which market rent is to be determined. "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]. "Notice". Section 1-201(25) [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]. "Usage of trade". Section 1-205 [55-1-205 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 62 effective July 1, 1992.
NM Stat § 55-2A-509 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-509 - Lessee's rights on improper delivery; rightful rejection.

(1) Subject to the provisions of Section 2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods. (2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor. History: 1978 Comp., § 55-2A-509, enacted by Laws 1992, ch. 114, § 64. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Sections 2-601 and 2-602(1) [55-2-601 and 55-2-602 NMSA 1978, respectively]. Changes: — Revised to reflect leasing practices and terminology. "Commercial unit". Section 2A-103(1)(c) [55-2A-103 NMSA 1978]. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Installment lease contract". Section 2A-103(1)(i) [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]. "Notifies". Section 1-201(26) [55-1-201 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]. "Seasonably". Section 1-204(3) [55-1-204 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 64 effective July 1, 1992.
NM Stat § 55-2A-510 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-510 - Installment lease contracts; rejection and default.

(1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within Subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery. (2) Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or brings an action with respect only to past deliveries or demands performance as to future deliveries. History: 1978 Comp., § 55-2A-510, enacted by Laws 1992, ch. 114, § 65. 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 2-612 [55-2-612 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Action". Section 1-201(1) [55-1-201 NMSA 1978]. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Cancellation". Section 2A-103(1)(b) [55-2A-103 NMSA 1978]. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Installment lease contract". Section 2A-103(1)(i) [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]. "Notifies". Section 1-201(26) [55-1-201 NMSA 1978]. "Seasonably"'. Section 1-204(3) [55-1-204 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 65 effective July 1, 1992.