reglab/housing_qa huggingface dataset:
NM Stat § 55-7-804 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 8 - BILLS OF LADING; SPECIAL PENALTY PROVISIONS|Section 55-7-804 - Repealed.

ANNOTATIONSRepeals. — Laws 2005, ch. 144, § 113 repealed 55-7-804 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-804, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 55-7-805 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 8 - BILLS OF LADING; SPECIAL PENALTY PROVISIONS|Section 55-7-805 - Repealed.

ANNOTATIONSRepeals. — Laws 2005, ch. 144, § 113 repealed 55-7-805 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-805, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 55-7-806 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 8 - BILLS OF LADING; SPECIAL PENALTY PROVISIONS|Section 55-7-806 - Repealed.

ANNOTATIONSRepeals. — Laws 2005, ch. 144, § 113 repealed 55-7-806 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-806, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 55-7-807 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 7 - Documents of Title|Part 8 - BILLS OF LADING; SPECIAL PENALTY PROVISIONS|Section 55-7-807 - Repealed.

ANNOTATIONSRepeals. — Laws 2005, ch. 144, § 113 repealed 55-7-807 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-807, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 55-8-101 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 1 - SHORT TITLE AND GENERAL MATTERS|Section 55-8-101 - Short title.

Chapter 55, Article 8 NMSA 1978 may be cited as the "Uniform Commercial Code - Investment Securities". History: 1978 Comp., § 55-8-101, enacted by Laws 1996, ch. 47, § 5. ANNOTATIONSPurposes. This Article sets forth certain rights and duties of the issuers of and the parties that deal with investment securities, both certificated and uncertificated. Unlike a corporation code, it does not set forth general rules defining property rights that accrue to holders of securities. And unlike a Blue Sky statute it does not set forth specific requirements for disclosing to the public the nature of the property interest that is the security. Rather it sets forth rules relative to the transfer of the rights that constitute securities and to the establishment of those rights against the issuer and other parties. As is true with respect to all other Articles of the Code, parties may by agreement create rights and duties between themselves that vary from those set forth in this Article. Section 1-102(3). But prejudice to the rights of those not party to the agreement is limited by Code provisions (e.g., Sections 8-313 and 8-321) as well as by general legal principles that supplement the Code. See Section 1-103 and Comment 2 to Section 1-102. This Article does not purport to determine whether a particular issue of securities should be represented by certificates, in whole or in part. That determination is left to the parties involved, subject to federal and state law. Repeals and reenactments. — Laws 1996, ch. 47, § 5 repealed former 55-8-101 NMSA 1978, as enacted by Laws 1961, ch. 96, § 8-101, and enacted a new section, effective May 15, 1996. Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes §§ 8, 47; 15A Am. Jur. 2d Commercial Code § 69 et seq. Conflict of laws as to transfer of corporate stock, 131 A.L.R. 192. Construction and effect of U.C.C., art. 8, dealing with investment securities, 21 A.L.R.3d 964, 88 A.L.R.3d 949. Awarding damages for delay, in addition to specific performance, of contract for sale of corporate stock, 28 A.L.R.3d 1401. Limitations of actions with respect to actions for contribution under § 10(b) of Securities Exchange Act of 1934 (15 USCA § 78j(b)) and SEC Rule 10b-5 (17 CFR § 240.10b-5), 146 A.L.R. Fed. 643. Effect of asset freeze obtained by Securities and Exchange Commission on attorney's fees paid or owed by company subject to freeze, 161 A.L.R. Fed. 233. 18 C.J.S. Corporations §§ 217 to 292; 64A C.J.S. Municipal Corporations § 1701; 81A C.J.S. States § 186.
NM Stat § 55-8-111 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 1 - SHORT TITLE AND GENERAL MATTERS|Section 55-8-111 - Clearing corporation rules.

A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this act and affects another party who does not consent to the rule. History: 1978 Comp., § 55-8-111, enacted by Laws 1996, ch. 47, § 15. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. The experience of the past few decades shows that securities holding and settlement practices may develop rapidly, and in unforeseeable directions. Accordingly, it is desirable that the rules of Article 8 be adaptable both to ensure that commercial law can conform to changing practices and to ensure that commercial law does not operate as an obstacle to developments in securities practice. Even if practices were unchanging, it would not be possible in a general statute to specify in detail the rules needed to provide certainty in the operations of the clearance and settlement system. The provisions of this Article and Article 1 on the effect of agreements provide considerable flexibility in the specification of the details of the rights and obligations of participants in the securities holding system by agreement. See Sections 8-504 [55-8-504 NMSA 1978] through 8-509 [55-8-509 NMSA 1978], and Section 1-102(3) [55-1-102 NMSA 1978] and (4). Given the magnitude of the exposures involved in securities transactions, however, it may not be possible for the parties in developing practices to rely solely on private agreements, particularly with respect to matters that might affect others, such as creditors. For example, in order to be fully effective, rules of clearing corporations on the finality or reversibility of securities settlements must not only bind the participants in the clearing corporation but also be effective against their creditors. Section 8-111 [55-8-111 NMSA 1978] provides that clearing corporation rules are effective even if they indirectly affect third parties, such as creditors of a participant. This provision does not, however, permit rules to be adopted that would govern the rights and obligations of third parties other than as a consequence of rules that specify the rights and obligations of the clearing corporation and its participants. 2. The definition of clearing corporation in Section 8-102 [55-8-102 NMSA 1978] covers only federal reserve banks, entities registered as clearing agencies under the federal securities laws, and others subject to comparable regulation. The rules of registered clearing agencies are subject to regulatory oversight under the federal securities laws. "Clearing corporation" Section 8-102(a)(5) [55-8-102 NMSA 1978]
NM Stat § 55-8-113 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 1 - SHORT TITLE AND GENERAL MATTERS|Section 55-8-113 - Statute of frauds inapplicable.

A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making. History: 1978 Comp., § 55-8-113, enacted by Laws 1996, ch. 47, § 17. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section provides that the statute of frauds does not apply to contracts for the sale of securities, reversing prior law which had a special statute of frauds in Section 8-319 (1978) [55-8-319 NMSA 1978]. With the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business. For securities transactions, whatever benefits a statute of frauds may play in filtering out fraudulent claims are outweighed by the obstacles it places in the development of modern commercial practices in the securities business. "Action" Section 1-201(1) [55-1-201 NMSA 1978] "Contract" Section 1-201(11) "Writing" Section 1-201(46)
NM Stat § 55-8-114 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 1 - SHORT TITLE AND GENERAL MATTERS|Section 55-8-114 - Evidentiary rules concerning certificated securities.

The following rules apply in an action on a certificated security against the issuer: (1) unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted; (2) if the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized; (3) if signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security; or (4) if it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted. History: 1978 Comp., § 55-8-114, enacted by Laws 1996, ch. 47, § 18. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section adapts the rules of negotiable instruments law concerning procedure in actions on instruments, see Section 3-308 [55-3-308 NMSA 1978], to actions on certificated securities governed by this Article. An "action on a security" includes any action or proceeding brought against the issuer to enforce a right or interest that is part of the security, such as an action to collect principal or interest or a dividend, or to establish a right to vote or to receive a new security under an exchange offer or plan of reorganization. This section applies only to certificated securities; actions on uncertificated securities are governed by general evidentiary principles. "Action" Section 1-201(1) [55-1-201 NMSA 1978] "Burden of establishing" Section 1-201(8) "Certificated security" Section 8-102(a)(4) [55-8-102 NMSA 1978] "Indorsement" Section 8-102(a)(11) "Issuer" Section 8-201 [55-8-201 NMSA 1978] "Presumed" Section 1-201(31) "Security" Section 8-102(a)(15) "Security certificate" Section 8-102(a)(16)
NM Stat § 55-8-209 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 2 - ISSUE AND ISSUER|Section 55-8-209 - Issuer's lien.

A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate. History: 1978 Comp., § 55-8-209, enacted by Laws 1996, ch. 47, § 29. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. This section is similar to Sections 8-202 [55-8-202 NMSA 1978] and 8-204 [55-8-204 NMSA 1978] which require that the terms of a certificated security and any restriction on transfer imposed by the issuer be noted on the security certificate. This section differs from those two sections in that the purchaser's knowledge of the issuer's claim is irrelevant. "Noted" makes clear that the text of the lien provisions need not be set forth in full. However, this would not override a provision of an applicable corporation code requiring statement in haec verba. This section does not apply to uncertificated securities. It applies to the indirect holding system in the same fashion as Sections 8-202 [55-8-202 NMSA 1978] and 8-204 [55-8-204 NMSA 1978], see Comment 2 to Section 8-202. "Certificated security" Section 8-102(a)(4) [55-8-102 NMSA 1978] "Issuer" Section 8-201 [55-8-201 NMSA 1978] "Purchaser" Sections 1-201(33) & 8-116 [55-1-201 & 55-8-116 NMSA 1978] "Security" Section 8-102(a)(15) "Security certificate" Section 8-102(a)(16)
NM Stat § 55-8-305 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 3 - TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES|Section 55-8-305 - Instruction.

(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 55-8-108 NMSA 1978 and not an obligation that the security will be honored by the issuer. History: 1978 Comp., § 55-8-305, enacted by Laws 1996, ch. 47, § 35. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. The term instruction is defined in Section 8-102(a)(12) [55-8-102 NMSA 1978] as a notification communicated to the issuer of an uncertificated security directing that transfer be registered. Section 8-107 [55-8-107 NMSA 1978] specifies who may initiate an effective instruction. Functionally, presentation of an instruction is quite similar to the presentation of an indorsed certificate for reregistration. Note that instruction is defined in terms of "communicate," see Section 8-102(a)(6) [55-8-102 NMSA 1978]. Thus, the instruction may be in the form of a writing signed by the registered owner or in any other form agreed upon by the issuer and the registered owner. Allowing nonwritten forms of instructions will permit the development and employment of means of transmitting instructions electronically. When a person who originates an instruction leaves a blank and the blank later is completed, subsection (a) gives the issuer the same rights it would have had against the originating person had that person completed the blank. This is true regardless of whether the person completing the instruction had authority to complete it. Compare Section 8-206 [55-8-206 NMSA 1978] and its Comment, dealing with blanks left upon issue. 2. Subsection (b) makes clear that the originator of an instruction, like the indorser of a security certificate, does not warrant that the issuer will honor the underlying obligation, but does make warranties as a transferor under Section 8-108 [55-8-108 NMSA 1978]. "Appropriate person" Section 8-107 [55-8-107 NMSA 1978] "Instruction" Section 8-102(a)(12) [55-8-102 NMSA 1978] "Issuer" Section 8-201 [55-8-201 NMSA 1978] Repeals and reenactments. — Laws 1996, ch. 47, § 35, repealed former 55-8-305 NMSA 1978, as amended by Laws 1987, ch. 248, § 22, relating to staleness as notice of adverse claims, and enacted a new section, effective May 15, 1996. For provisions of former section, see the 1995 NMSA 1978 on NMOneSource.com.
NM Stat § 55-8-307 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 3 - TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES|Section 55-8-307 - Purchaser's right to requisites for registration of transfer.

Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer. History: 1978 Comp., § 55-8-307, enacted by Laws 1996, ch. 47, § 37. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Because registration of the transfer of a security is a matter of vital importance, a purchaser is here provided with the means of obtaining such formal requirements for registration as signature guaranties, proof of authority, transfer tax stamps and the like. The transferor is the one in a position to supply most conveniently whatever documentation may be requisite for registration of transfer, and the duty to do so upon demand within a reasonable time is here stated affirmatively. If an essential item is peculiarly within the province of the transferor so that the transferor is the only one who can obtain it, the purchaser may specifically enforce the right to obtain it. Compare Section 8-304(d) [55-8-304 NMSA 1978]. If a transfer is not for value the transferor need not pay expenses. 2. If the transferor's duty is not performed the transferee may reject or rescind the contract to transfer. The transferee is not bound to do so. An action for damages for breach of contract may be preferred. "Purchaser" Sections 1-201(33) & 8-116 [55-1-201 & 55-8-116 NMSA 1978] "Security" Section 8-102(a)(15) [55-8-102 NMSA 1978] "Value" Sections 1-201(44) & 8-116 Repeals and reenactments. — Laws 1996, ch. 47, § 37, repealed former 55-8-307 NMSA 1978, as amended by Laws 1987, ch. 248, § 24, relating to the effect of delivery without indorsement and the right to compel endorsement, and enacted a new section, effective May 15, 1996. For provisions of former section, see the 1995 NMSA 1978 on NMOneSource.com.
NM Stat § 55-8-308 to 55-8-321 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 3 - TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES|Section 55-8-308 to 55-8-321 - Repealed.

ANNOTATIONSRepeals. — Laws 1996, ch. 47, § 70 repealed 55-8-308 through 55-8-321 NMSA 1978, as amended by Laws 1987, ch. 248, §§ 25 through 37 and as enacted by Laws 1987, ch. 248, § 38, relating to the purchase of securities, effective May 15, 1996. For provisions of former sections, see the 1995 NMSA 1978 on NMOneSource.com.
NM Stat § 55-8-406 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 4 - REGISTRATION|Section 55-8-406 - Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.

If a security certificate has been lost, apparently destroyed or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under Section 55-8-404 NMSA 1978 or a claim to a new security certificate under Section 55-8-405 NMSA 1978. History: 1978 Comp., § 55-8-406, enacted by Laws 1996, ch. 47, § 43. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. An owner who fails to notify the issuer within a reasonable time after the owner knows or has reason to know of the loss or theft of a security certificate is estopped from asserting the ineffectiveness of a forged or unauthorized indorsement and the wrongfulness of the registration of the transfer. If the lost certificate was indorsed by the owner, then the registration of the transfer was not wrongful under Section 8-404 [55-8-404 NMSA 1978], unless the owner made an effective demand that the issuer not register transfer under Section 8-403 [55-8-403 NMSA 1978]. "Issuer" Section 8-201 [55-8-201 NMSA 1978] "Notify" Section 1-201(25) [55-1-201 NMSA 1978] "Security certificate" Section 8-102(a)(16) [55-8-102 NMSA 1978] Repeals and reenactments. — Laws 1996, ch. 47, § 43, repealed former 55-8-406 NMSA 1978, as amended by Laws 1987, ch. 248, § 44, relating to the duties of an authenticating trustee, transfer agent or registrar, and enacted a new section, May 15, 1998.
NM Stat § 55-8-407 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 4 - REGISTRATION|Section 55-8-407 - Authenticating trustee, transfer agent and registrar.

A person acting as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions. History: 1978 Comp., § 55-8-407, enacted by Laws 1996, ch. 47, § 44. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Transfer agents, registrars, and the like are here expressly held liable both to the issuer and to the owner for wrongful refusal to register a transfer as well as for wrongful registration of a transfer in any case within the scope of their respective functions where the issuer would itself be liable. Those cases which have regarded these parties solely as agents of the issuer and have therefore refused to recognize their liability to the owner for mere non-feasance, i.e., refusal to register a transfer, are rejected. Hulse v. Consolidated Quicksilver Mining Corp., 65 Idaho 768, 154 P.2d 149 (1944); Nicholson v. Morgan, 119 Misc. 309, 196 N.Y.Supp. 147 (1922); Lewis v. Hargadine-McKittrick Dry Goods Co., 305 Mo. 396, 274 S.W. 1041 (1924). 2. The practice frequently followed by authenticating trustees of issuing certificates of indebtedness rather than authenticating duplicate certificates where securities have been lost or stolen became obsolete in view of the provisions of Section 8-405 [55-8-405 NMSA 1978], which makes express provision for the issue of substitute securities. It is not a breach of trust or lack of due diligence for trustees to authenticate new securities. Cf. Switzerland General Ins. Co. v. N.Y.C. & H.R.R. Co., 152 App.Div. 70, 136 N.Y.S. 726 (1912). "Certificated security" Section 8-102(a)(4) [55-8-102 NMSA 1978] "Issuer" Section 8-201 [55-8-201 NMSA 1978] "Security" Section 8-102(a)(15) "Security certificate" Section 8-102(a)(16) "Uncertificated security" Section 8-102(a)(18) Repeals and reenactments. — Laws 1996, ch. 47, § 44, repealed former 55-8-407 NMSA 1978, as amended by Laws 1987, ch. 248, § 45, relating to the exchangeability of securities, and enacted a new section, May 15, 1996. For provisions of former section, see the 1995 NMSA 1978 on NMOneSource.com.
NM Stat § 55-8-408 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 8 - Investment Securities|Part 4 - REGISTRATION|Section 55-8-408 - Repealed.

ANNOTATIONSRepeals. — Laws 1996, ch. 47, § 70 repealed 55-8-408, as amended by Laws 1987, ch. 248, § 46, relating to statements of uncertificated securities, effective May 15, 1996. For provisions of former section, see the 1995 NMSA 1978 on NMOneSource.com.