NM Stat § 55-2-703 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2 - Sales|Part 7 - REMEDIES|Section 55-2-703 - Seller's remedies in general.

Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with respect to a part or the whole, then with respect to any goods directly affected and, if the breach is of the whole contract (Section 2-612 [55-2-612 NMSA 1978]), then also with respect to the whole undelivered balance, the aggrieved seller may: (a) withhold delivery of such goods; (b) stop delivery by any bailee as hereafter provided (Section 2-705 [55-2-705 NMSA 1978]); (c) proceed under the next section [55-2-704 NMSA 1978] respecting goods still unidentified to the contract; (d) resell and recover damages as hereafter provided (Section 2-706 [55-2-706 NMSA 1978]); (e) recover damages for nonacceptance (Section 2-708 [55-2-708 NMSA 1978]) or in a proper case the price (Section 2-709 [55-2-709 NMSA 1978]); (f) cancel. History: 1953 Comp., § 50A-2-703, enacted by Laws 1961, ch. 96, § 2-703. 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. — No comparable index section. See Section 53, Uniform Sales Act. 1. This section is an index section which gathers together in one convenient place all of the various remedies open to a seller for any breach by the buyer. This article rejects any doctrine of election of remedy as a fundamental policy and thus the remedies are essentially cumulative in nature and include all of the available remedies for breach. Whether the pursuit of one remedy bars another depends entirely on the facts of the individual case. 2. The buyer's breach which occasions the use of the remedies under this section may involve only one lot or delivery of goods, or may involve all of the goods which are the subject matter of the particular contract. The right of the seller to pursue a remedy as to all the goods when the breach is as to only one or more lots is covered by the section on breach in installment contracts. The present section deals only with the remedies available after the goods involved in the breach have been determined by that section. 3. In addition to the typical case of refusal to pay or default in payment, the language in the preamble, "fails to make a payment due," is intended to cover the dishonor of a check on due presentment, or the non-acceptance of a draft, and the failure to furnish an agreed letter of credit. 4. It should also be noted that this act requires its remedies to be liberally administered and provides that any right or obligation which it declares is enforceable by action unless a different effect is specifically prescribed (Section 1-106). Point 2: Section 2-612. Point 3: Section 2-325. Point 4: Section 1-106. "Aggrieved party". Section 1-201. "Buyer". Section 2-103. "Cancellation". Section 2-106. "Contract". Section 1-201. "Goods". Section 2-105. "Remedy". Section 1-201. "Seller". Section 2-103. Am. Jur. 2d, A.L.R. and C.J.S. references. — Right of seller to rescind or refuse further deliveries on buyer's failure to pay for installments, 14 A.L.R. 1209, 75 A.L.R. 609. Seller's rights in respect of property or its proceeds upon dishonor of draft or check for purchase price on a cash sale, 31 A.L.R. 578, 54 A.L.R. 526. Right of seller as condition of delivery to insist on payment or resort to means not provided by contract to assure payment, 44 A.L.R. 443. Factor's failure to account for proceeds of sale as affecting rights of seller and purchaser inter se, 50 A.L.R. 1301. Pecuniary damage as essential to rescission of contract for purchase of real or personal property, 106 A.L.R. 125. Repossession of chattels by seller upon their return or abandonment by buyer as effecting a mutual rescission or as evidence thereof, 106 A.L.R. 703. Insolvency of buyer as justifying seller on credit in refusing to deliver except for cash, 117 A.L.R. 1105. Seller's knowledge of purchaser's intention to put property to illegal use as defense to action for purchase price, 166 A.L.R. 1353. Seller's right to retain down payment on buyer's unjustified refusal to accept goods, 11 A.L.R.2d 701. Right of action for breach of contract which expressly leaves open for future agreement or negotiation the terms of payment for property, 68 A.L.R.2d 1221. 77A C.J.S. Sales § 325 et seq.'