reglab/housing_qa huggingface dataset:
NM Stat § 55-3-101 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-101 - Short title.

This article may be cited as Uniform Commercial Code - Negotiable Instruments. History: 1978 Comp., § 55-3-101, enacted by Laws 1992, ch. 114, § 88. ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-101 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-101, relating to short title, effective July 1, 1992. Laws 1992, ch. 114, § 88, enacted a new section, effective July 1, 1992. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 88 the act effective July 1, 1992. Law reviews. — For article, "Lender Recourse in Indian Country: A Navajo Case Study," see 21 N.M.L. Rev. 275 (1991). Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes § 42.
NM Stat § 55-3-105 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-105 - Issue of instrument.

(a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense. (c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument. History: 1978 Comp., § 55-3-105, enacted by Laws 1992, ch. 114, § 92. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Under former Section 3-102(1)(a) "issue" was defined as the first delivery to a "holder or a remitter" but the term "remitter" was neither defined nor otherwise used. In revised Article 3, Section 3-105(a) [55-3-105 NMSA 1978] defines "issue" more broadly to include the first delivery to anyone by the drawer or maker for the purpose of giving rights to anyone on the instrument. "Delivery" with respect to instruments is defined in Section 1-201(14) [55-1-201 NMSA 1978] as meaning "voluntary transfer of possession." 2. Subsection (b) continues the rule that nonissuance, conditional issuance or issuance for a special purpose is a defense of the maker or the drawer of an instrument. Thus, the defense can be asserted against a person other than a holder in due course. The same rule applies to non-issuance of an incomplete instrument later completed. 3. Subsection (c) defines "issuer" to include the signer of an unissued instrument for convenience of reference in the statute. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-105 NMSA 1978, as enacted by Laws 1967, ch. 186, § 6, relating to when promise or order unconditional, effective July 1, 1992. Laws 1992, ch. 114, § 92, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 55-3-106 NMSA 1978.
NM Stat § 55-3-107 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-107 - Instrument payable in foreign money.

Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid. History: 1978 Comp., § 55-3-107, enacted by Laws 1992, ch. 114, § 94. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The definition of instrument in Section 3-104 [55-3-104 NMSA 1978] requires that the promise or order be payable in "money." That term is defined in Section 1-201(24) [55-1-201 NMSA 1978] and is not limited to United States dollars. Section 3-107 [55-3-107 NMSA 1978] states that an instrument payable in foreign money may be paid in dollars if the instrument does not prohibit it. It also states a conversion rate which applies in the absence of a different conversion rate stated in the instrument. The reference in former Section 3-107(1) [55-3-107 NMSA 1978] to instruments payable in "currency" or "current funds" has been dropped as superfluous. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-107 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-107, relating to money, effective July 1, 1992. Laws 1992, ch. 114, § 94, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-111 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-111 - Place of payment.

Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker. History: 1978 Comp., § 55-3-111, enacted by Laws 1992, ch. 114, § 98. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. If an instrument is payable at a bank in the United States, Section 3-501(b)(1) [55-3-501 NMSA 1978] states that presentment must be made at the place of payment, i.e. the bank. The place of presentment of a check is governed by Regulation CC § 229.36. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-111 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-111, relating to payable to bearer, effective July 1, 1992. Laws 1992, ch. 114, § 98, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 55-3-109 NMSA 1978.
NM Stat § 55-3-112 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-112 - Interest.

(a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument. If an instrument provides for interest, but the amount of interest payable cannot be ascertained from the description, interest is payable at the judgment rate in effect at the place of payment of the instrument and at the time interest first accrues. History: 1978 Comp., § 55-3-112, enacted by Laws 1992, ch. 114, § 99. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Under Section 3-104(a) [55-3-104 NMSA 1978] the requirement of a "fixed amount" applies only to principal. The amount of interest payable is that described in the instrument. If the description of interest in the instrument does not allow for the amount of interest to be ascertained, interest is payable at the judgement rate. Hence, if an instrument calls for interest, the amount of interest will always be determinable. If a variable rate of interest is prescribed, the amount of interest is ascertainable by reference to the formula or index described or referred to in the instrument. The last sentence of Subsection (b) replaces Subsection (d) of the former Section 3-118. 2. The purpose of Subsection (b) is to clarify the meaning of "interest" in the introductory clause of Section 3-104(a) [55-3-104 NMSA 1978]. It is not intended to validate a provision for interest in an instrument if that provision violates other law. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-112 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-112, relating to terms and omissions not affecting negotiability, effective July 1, 1992. Laws 1992, ch. 114, § 99, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-113 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-113 - Date of instrument.

(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Subsection (c) of Section 55-4-401 NMSA 1978, an instrument payable on demand is not payable before the date of the instrument. (b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder. History: 1978 Comp., § 55-3-113, enacted by Laws 1992, ch. 114, § 100. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section replaces former Section 3-114. Subsections (1) and (3) of former Section 3-114 are deleted as unnecessary. Section 3-113 (a) [55-3-113 NMSA 1978] is based in part on subsection (2) of former Section 3-114. The rule that a demand instrument is not payable before the date of the instrument is subject to Section 4-401(c) [55-4-401 NMSA 1978] which allows the payor bank to pay a postdated check unless the drawer has notified the bank of the postdating pursuant to a procedure prescribed in that subsection. With respect to an undated instrument, the date is the date of issue. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-113 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-113, relating to seal, effective July 1, 1992. Laws 1992, ch. 114, § 100, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 553; 11 Am. Jur. 2d Bills and Notes §§ 88, 208, 285 to 287; 12 Am. Jur. 2d Bills and Notes § 1165. Right of transferee of postdated check, 21 A.L.R. 234. Extent of bank's liability for paying postdated check, 31 A.L.R.4th 329. 10 C.J.S. Bills and Notes § 86 et seq.
NM Stat § 55-3-114 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-114 - Contradictory terms of instrument.

If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: 1978 Comp., § 55-3-114, enacted by Laws 1992, ch. 114, § 101. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Section 3-114 [55-3-114 NMSA 1978] replaces Subsections (b) and (c) of former Section 3-118. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-114 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-114, relating to date, effective July 1, 1992. Laws 1992, ch. 114, § 101, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 55-3-113 NMSA 1978.
NM Stat § 55-3-119 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-119 - Notice of right to defend action.

In an action for breach of an obligation for which a third person is answerable over pursuant to Chapter 55, Article 3 or 4 NMSA 1978, the defendant may give the third person notice of the litigation in a record, and the person notified may then give similar notice to any other person who is answerable over. If the notice states: (i) that the person notified may come in and defend; and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the two litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend. History: 1978 Comp., § 55-3-119, enacted by Laws 1992, ch. 114, § 106; 2009, ch. 234, § 5. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is a restatement of former Section 3-803 [repealed]. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-119 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-119, relating to other writings affecting instrument, effective July 1, 1992. Laws 1992, ch. 114, § 106 enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 55-3-117 NMSA 1978. The 2009 amendment, effective January 1, 2010, added the reference to Chapter 55, Article 3 NMSA 1978 and changed "may give the third person written notice of the litigation" to "may give the third person notice of the litigation in a record".
NM Stat § 55-3-120 to 55-3-122 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-3-120 to 55-3-122 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repealed 55-3-120 to 55-3-122 NMSA 1978, as enacted by Laws 1961, ch. 96, §§ 3-120, 3-121, and amended by Laws 1967, ch. 186, § 8, relating to instruments "payable through" bank, instruments payable at bank, and accrual of cause of action, effective July 1, 1992. For former provisions, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-208 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 2 - NEGOTIATION, TRANSFER AND INDORSEMENT|Section 55-3-208 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repealed 55-3-208 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-208, relating to reacquisition, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-306 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 3 - ENFORCEMENT OF INSTRUMENTS|Section 55-3-306 - Claims to an instrument.

A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument. History: 1978 Comp., § 55-3-306, enacted by Laws 1992, ch. 114, § 119. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section expands on the reference to "claims to" the instrument mentioned in former Sections 3-305 [55-3-305 NMSA 1978] and 3-306 [55-3-306 NMSA 1978]. Claims covered by the section include not only claims to ownership but also any other claim of a property or possessory right. It includes the claim to a lien or the claim of a person in rightful possession of an instrument who was wrongfully deprived of possession. Also included is a claim based on Section 3-202(b) [55-3-202 NMSA 1978] or rescission of a negotiation of the instrument by the claimant. Claims to an instrument under Section 3-306 are different from claims in recoupment referred to in Section 3-305(a)(3). The rule of this section is similar to the rule of Article 30(2) of the Convention on International Bills of Exchange and International Promissory Notes. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-306 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-306, relating to rights of one not holder in due course, effective July 1, 1992. Laws 1992, ch. 114, § 119, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-309 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 3 - ENFORCEMENT OF INSTRUMENTS|Section 55-3-309 - Enforcement of lost, destroyed, or stolen instrument.

(a) A person not in possession of an instrument is entitled to enforce the instrument if (i) the person was in possession of the instrument and entitled to enforce it when loss of possession occurred, (ii) the loss of possession was not the result of a transfer by the person or a lawful seizure, and (iii) the person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process. (b) A person seeking enforcement of an instrument under Subsection (a) must prove the terms of the instrument and the person's right to enforce the instrument. If that proof is made, Section 55-3-308 NMSA 1978 applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means. History: 1978 Comp., § 55-3-309, enacted by Laws 1992, ch. 114, § 122. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Section 3-309 [55-3-309 NMSA 1978] is a modification of former Section 3-804 [repealed]. The rights stated are those of "a person entitled to enforce the instrument" at the time of loss rather than those of an "owner" as in former Section 3-804 [repealed]. Under Subsection (b), judgment to enforce the instrument cannot be given unless the court finds that the defendant will be adequately protected against a claim to the instrument by a holder that may appear at some later time. The court is given discretion in determining how adequate protection is to be assured. Former Section 3-804 [repealed] allowed the court to "require security indemnifying the defendant against loss." Under Section 3-309 [55-3-309 NMSA 1978] adequate protection is a flexible concept. For example, there is substantial risk that a holder in due course may make a demand for payment if the instrument was payable to bearer when it was lost or stolen. On the other hand if the instrument was payable to the person who lost the instrument and that person did not indorse the instrument, no other person could be a holder of the instrument. In some cases there is risk of loss only if there is doubt about whether the facts alleged by the person who lost the instrument are true. Thus, the type of adequate protection that is reasonable in the circumstances may depend on the degree of certainty about the facts in the case. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-3-408 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 4 - LIABILITY OF PARTIES|Section 55-3-408 - Drawee not liable on unaccepted draft.

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. History: 1978 Comp., § 55-3-408, enacted by Laws 1992, ch. 114, § 133. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. This section is a restatement of former section 3-409(1). Subsection (2) of former Section 3-409 is deleted as misleading and superfluous. Comment 3 says of Subsection (2): "It is intended to make it clear that this section does not in any way affect any liability which may arise apart from the instrument." In reality Subsection (2) did not make anything clear and was a source of confusion. If all it meant was that a bank that has not certified a check may engage in other conduct that might make it liable to a holder, it stated the obvious and was superfluous. Section 1-103 [55-1-103 NMSA 1978] is adequate to cover those cases. 2. Liability with respect to drafts may arise under other law. For example, Section 4-302 [55-4-302 NMSA 1978] imposes liability on a payor bank for late return of an item. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-408 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-408, relating to consideration, effective July 1, 1992. Laws 1992, ch. 114, § 133, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.