reglab/housing_qa huggingface dataset:
NM Stat § 55-4-111 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-4-111 - Statute of limitations.

An action to enforce an obligation, duty or right arising under this article must be commenced within three years after the cause of action accrues. History: 1978 Comp., § 55-4-111, enacted by Laws 1992, ch. 114, § 166. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section conforms to the period of limitations set by Section 3-118(g) [55-3-118 NMSA 1978] for actions for breach of warranty and to enforce other obligations, duties or rights arising under Article 3. Bracketing "cause of action" recognizes that some states use a different term, such as "claim for relief." Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992. Cross references. — For limitations of actions for obligations of party to pay note payable at definite time, see 55-3-118 NMSA 1978. For limitations of actions generally, see 37-1-1 NMSA 1978 et seq. For limitations of actions for contracts, see 37-1-23 NMSA 1978.
NM Stat § 55-4-206 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 2 - COLLECTION OF ITEMS - DEPOSITARY AND COLLECTING BANKS|Section 55-4-206 - Transfer between banks.

Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. History: 1953 Comp., § 50A-4-206, enacted by Laws 1961, ch. 96, § 4-206; 1992, ch. 114, § 172. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is designed to permit the simplest possible form of transfer from one bank to another, once an item gets in the bank collection chain, provided only identity of the transferor bank is preserved. This is important for tracing purposes and if recourse is necessary. However, since the responsibilities of the various banks appear in the Article it becomes unnecessary to have liability or responsibility depend on more formal indorsements. Simplicity in the form of transfer is conducive to speed. If the transfer is between banks, this section takes the place of the more formal requirements of Section 3-201 [55-3-201 NMSA 1978]. The 1992 amendment, effective July 1, 1992, substituted "that" for "which". Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 403, 700. 9 C.J.S. Banks and Banking § 408 et seq.
NM Stat § 55-4-211 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 2 - COLLECTION OF ITEMS - DEPOSITARY AND COLLECTING BANKS|Section 55-4-211 - When bank gives value for purposes of holder in due course.

For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of Section 55-3-302 NMSA 1978 on what constitutes a holder in due course. History: 1953 Comp., § 50A-4-209, enacted by Laws 1961, ch. 96, § 4-209; 1978 Comp., § 55-4-209, recompiled as 1978 Comp., § 55-4-211 by Laws 1992, ch. 114, § 177. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The section completes the thought of the previous section and makes clear that a security interest in an item is "value" for the purpose of determining the holder's status as a holder in due course. The provision is in accord with the prior law (N.I.L. Section 27) and with Article 3 (Section 3-303) [55-3-303 NMSA 1978]. The section does not prescribe a security interest under Section 4-210 [55-4-210 NMSA 1978] as a test of "value" generally because the meaning of "value" under other Articles is adequately defined in Section 1-201 [55-1-201 NMSA 1978]. Repeals. — Laws 1992, ch. 114, § 237B repealed former 55-4-211 NMSA 1978, as enacted by Laws 1961, ch. 96, § 4-211, relating to media of remittance, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. The 1992 amendment, effective July 1, 1992, substituted "Section 55-3-302 NMSA 1978" for "Section 3-302" and made minor stylistic changes throughout the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 694; 11 Am. Jur. 2d Bills and Notes §§ 337, 339. Crediting proceeds of negotiable paper to depositor's account, as constituting bank a holder in due course, 59 A.L.R.2d 1173. 9 C.J.S. Banks and Banking § 383 et seq.; 10 C.J.S. Bills and Notes §§ 185, 186.
NM Stat § 55-4-404 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 4 - RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER|Section 55-4-404 - Bank not obliged to pay check more than six months old.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer's account for a payment made thereafter in good faith. History: 1953 Comp., § 50A-4-404, enacted by Laws 1961, ch. 96, § 4-404; 1992, ch. 114, § 189. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section incorporates a type of statute that had been adopted in 26 jurisdictions before the Code. The time limit is set at six months because banking and commercial practice regards a check outstanding for longer than that period as stale, and a bank will normally not pay such a check without consulting the depositor. It is therefore not required to do so, but is given the option to pay because it may be in a position to know, as in the case of dividend checks, that the drawer wants payment made. Certified checks are excluded from the section because thay are the primary obligation of the certifying bank (Sections 3-409 and 3-413) [55-3-409 and 55-3-413 NMSA 1978, respectively]. The obligation runs directly to the holder of the check. The customer's account was presumably charged when the check was certified. The 1992 amendment, effective July 1, 1992, substituted "obliged" for "obligated" in the section catchline. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 552. Bank's liability for paying postdated checks, 31 A.L.R.4th 329. 9 C.J.S. Banks and Banking §§ 328 et seq., 337, 341, 351, 357, 358, 405.
NM Stat § 55-4-501 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - COLLECTION OF DOCUMENTARY DRAFTS|Section 55-4-501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. History: 1953 Comp., § 50A-4-501, enacted by Laws 1961, ch. 96, § 4-501; 1992, ch. 114, § 193. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section states the duty of a bank handling a documentary draft for a customer. "Documentary draft" is defined in Section 4-104 [55-4-104 NMSA 1978]. The duty stated exists even if the bank has bought the draft. This is because to the customer the draft normally represents an underlying commercial transaction, and if that is not going through as planned the customer should know it promptly. An electronic document of title may be presented through allowing access to the document or delivery of the document. Article 1, Section 1-201 [55-1-201 NMSA 1978] (definition of "delivery"). The 1992 amendment, effective July 1, 1992, made minor stylistic changes. Seasonable return of documentary drafts. — Payor banks should seasonably return documentary drafts. Shannon v. Sunwest Bank, 1994-NMSC-124, 118 N.M. 749, 887 P.2d 285. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 713. Duties of collecting bank with respect to presenting draft for acceptance, 39 A.L.R.2d 1296. 9 C.J.S. Banks and Banking § 414.
NM Stat § 55-4-502 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - COLLECTION OF DOCUMENTARY DRAFTS|Section 55-4-502 - Presentment of "on arrival" drafts.

If a draft or the relevant instructions require presentment "on arrival", "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods. History: 1953 Comp., § 50A-4-502, enacted by Laws 1961, ch. 96, § 4-502; 1992, ch. 114, § 194. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The section is designed to establish a definite rule for "on arrival" drafts. The term includes not only drafts drawn payable "on arrival" but also drafts forwarded with instructions to present "on arrival." The term refers to the arrival of the relevant goods. Unless a bank has actual knowledge of the arrival of the goods, as for example, when it is the "notify" party on the bill of lading, the section only requires the exercise of such judgment in estimating time as a bank may be expected to have. Commonly the buyer-drawee will want the goods and will therefore call for the documents and take up the draft when they do arrive. The 1992 amendment, effective July 1, 1992, made minor stylistic changes. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 713. 9 C.J.S. Banks and Banking §§ 414 et seq., 342.
NM Stat § 55-4-503 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - COLLECTION OF DOCUMENTARY DRAFTS|Section 55-4-503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.

Unless otherwise instructed and except as provided in Article 5 a bank presenting a documentary draft: (1) must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and (2) upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions. However the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses. History: 1953 Comp., § 50A-4-503, enacted by Laws 1961, ch. 96, § 4-503; 1992, ch. 114, § 195. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. This section states the rules governing, in the absence of instructions, the duty of the presenting bank in case either of honor or of dishonor of a documentary draft. The section should be read in connection with Section 2-514 [55-2-514 NMSA 1978] on when documents are deliverable on acceptance, when on payment. In the case of a dishonor of the draft, the bank, subject to Section 4-504 [55-4-504 NMSA 1978], must return possession or control of the documents to its principal. 2. If the draft is drawn under a letter of credit, Article 5 controls. See Sections 5-109 [55-5-109 NMSA 1978] through 5-114 [55-5-114 NMSA 1978]. The 1992 amendment, effective July 1, 1992, substituted numbers for letters in the paragraph designations and made minor stylistic changes throughout the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 706, 713. 9 C.J.S. Banks and Banking § 414 et seq.
NM Stat § 55-4-504 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - COLLECTION OF DOCUMENTARY DRAFTS|Section 55-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses.

(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred by action under Subsection (a) the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien. History: 1953 Comp., § 50A-4-504, enacted by Laws 1961, ch. 96, § 4-504; 1992, ch. 114, § 196. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The section gives the presenting bank, after dishonor, a privilege to deal with the goods in any commercially reasonable manner pending instructions from its transferor and, if still unable to communicate with its principal after a reasonable time, a right to realize its expenditures as if foreclosing on an unpaid seller's lien (Section 2-706). The provision includes situations in which storage of goods or other action becomes commercially necessary pending receipt of any requested instructions, even if the requested instructions are later received. The "reasonable manner" referred to means one reasonable in the light of business factors and the judgment of a business man. The 1992 amendment, effective July 1, 1992, substituted letters for numbers in the subsection designations and made minor stylistic changes throughout the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 706. 9 C.J.S. Banks and Banking § 414 et seq.
NM Stat § 55-4A-101 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 1 - SUBJECT MATTER AND DEFINITIONS|Section 55-4A-101 - Short title.

This article may be cited as the Uniform Commerical [Commercial] Code - Funds Transfers. History: 1978 Comp., § 55-4A-101, enacted by Laws 1992, ch. 114, § 197. ANNOTATIONSEffective dates. — Laws 1992, ch. 114, § 238 makes the act effective on July 1, 1992.
NM Stat § 55-4A-103 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 1 - SUBJECT MATTER AND DEFINITIONS|Section 55-4A-103 - Payment order; definitions.

(a) In this article: (1) "payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) the instruction does not state a condition to payment to the beneficiary other than time of payment, (ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from the sender, and (iii) the instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank; (2) "beneficiary" means the person to be paid by the beneficiary's bank; (3) "beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account; (4) "receiving bank" means the bank to which the sender's instruction is addressed; and (5) "sender" means the person giving the instruction to the receiving bank. (b) If an instruction complying with Subsection (a)(1) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment. (c) A payment order is issued when it is sent to the receiving bank. History: 1978 Comp., § 55-4A-103, enacted by Laws 1992, ch. 114, § 199. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is discussed in the Comment following Section 4A-104 [55-4A-104 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4A-106 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 1 - SUBJECT MATTER AND DEFINITIONS|Section 55-4A-106 - Time payment order is received.

(a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 55-1-202 NMSA 1978. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations or amendments, or to different categories of payment orders, cancellations or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day. (b) If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this article. History: 1978 Comp., § 55-4A-106, enacted by Laws 1992, ch. 114, § 202; 2005, ch. 144, § 49; 2015, ch. 54, § 3. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The time that a payment order is received by a receiving bank usually defines the payment date or the execution date of a payment order. Section 4A-401 [55-4A-401 NMSA 1978] and Section 4A-301 [55-4A-301 NMSA 1978]. The time of receipt of a payment order, or communication cancelling or amending a payment order is defined in Subsection (a) by reference to the rules stated in Section 1-202 [55-1-202 NMSA 1978]. Thus, time of receipt is determined by the same rules that determine when a notice is received. Time of receipt, however, may be altered by a cut-off time. The 2015 amendment, effective July 1, 2015, amended the Uniform Commercial Code, as enacted by New Mexico, to make it uniform; and in Subsection (a), after "amendments", added "or to different categories of payment orders, cancellations or amendments". The 2005 amendment, effective January 1, 2006, changed the statutory reference in Subsection (a) from Section 55-1-201(27) NMSA 1978 to Section 55-1-202 NMSA 1978.
NM Stat § 55-4A-201 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4A - Funds Transfers|Part 2 - ISSUE AND ACCEPTANCE OF PAYMENT ORDER|Section 55-4A-201 - Security procedure.

Security procedure means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. History: 1978 Comp., § 55-4A-201, enacted by Laws 1992, ch. 114, § 205. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. A large percentage of payment orders and communications amending or cancelling payment orders are transmitted electronically and it is standard practice to use security procedures that are designed to assure the authenticity of the message. Security procedures can also be used to detect error in the content of messages or to detect payment orders that are transmitted by mistake as in the case of multiple transmission of the same payment order. Security procedures might also apply to communications that are transmitted by telephone or in writing. Section 4A-201 [55-4A-201 NMSA 1978] defines these security procedures. The definition of security procedure limits the term to a procedure "established by agreement of a customer and a receiving bank." The term does not apply to procedures that the receiving bank may follow unilaterally in processing payment orders. The question of whether loss that may result from the transmission of a spurious or erroneous payment order will be borne by the receiving bank or the sender or purported sender is affected by whether a security procedure was or was not in effect and whether there was or was not compliance with the procedure. Security procedures are referred to in Sections 4A-202 and 4A-203 [55-4A-202 and 55-4A-203 NMSA 1978, respectively], which deal with authorized and verified payment orders, and Section 4A-205 [55-4A-205 NMSA 1978], which deals with erroneous payment orders. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.