reglab/housing_qa huggingface dataset:
NM Stat § 55-3-410 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 4 - LIABILITY OF PARTIES|Section 55-3-410 - Acceptance varying draft.

(a) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place. (c) If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and indorser that does not expressly assent to the acceptance is discharged. History: 1978 Comp., § 55-3-410, enacted by Laws 1992, ch. 114, § 135. 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 3-412. It applies to conditional acceptances, acceptances for part of the amount, acceptances to pay at a different time from that required by the draft, or to the acceptance of less than all of the drawees. It applies to any other engagement changing the essential terms of the draft. If the drawee makes a varied acceptance the holder may either reject it or assent to it. The holder may reject by insisting on acceptance of the draft as presented. Refusal by the drawee to accept the draft as presented is dishonor. In that event the drawee is not bound by the varied acceptance and is entitled to have it canceled. If the holder assents to the varied acceptance, the drawee's obligation as acceptor is according to the terms of the varied acceptance. Under subsection (c) the effect of the holder's assent is to discharge any drawer or indorser who does not also assent. The assent of the drawer or indorser must be affirmatively expressed. Mere failure to object within a reasonable time is not assent which will prevent the discharge. 2. Under subsection (b) an acceptance does not vary from the terms of the draft if it provides for payment at any particular bank or place in the United States unless the acceptance states that the draft is to be paid only at such bank or place. Section 3-501(b)(1) [55-3-501 NMSA 1978] states that if an instrument is payable at a bank in the United States presentment must be made at the place of payment (Section 3-111) [55-3-111 NMSA 1978] which in this case is at the designated bank. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-410 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-410, relating to definition and operation of acceptance, effective July 1, 1992. Laws 1992, ch. 114, § 135, 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 55-3-409 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes §§ 515, 517, 518, 520. 10 C.J.S. Bills and Notes §§ 38, 160.
NM Stat § 55-3-412 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 4 - LIABILITY OF PARTIES|Section 55-3-412 - Obligation of issuer of note or cashier's check.

The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 55-3-115 and 55-3-407 NMSA 1978. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under Section 55-3-415 NMSA 1978. History: 1978 Comp., § 55-3-412, enacted by Laws 1992, ch. 114, § 137. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. The obligations of the maker, acceptor, drawer, and indorser are stated in four separate sections. Section 3-412 [55-3-412 NMSA 1978] states the obligation of the maker of a note and is consistent with former Section 3-413(1). Section 3-412 [55-3-412 NMSA 1978] also applies to the issuer of a cashier's check or other draft drawn on the drawer. Under former Section 3-118(a), since a cashier's check or other draft drawn on the drawer was "effective as a note," the drawer was liable under former Section 3-413(1) as a maker. Under Sections 3-103(a)(6) and 3-104(f) [55-3-103 and 55-3-104 NMSA 1978, respectively] a cashier's check or other draft drawn on the drawer is treated as a draft to reflect common commercial usage, but the liability of the drawer is stated by Section 3-412 [55-3-412 NMSA 1978] as being the same as that of the maker of a note rather than that of the drawer of a draft. Thus, Section 3-412 [55-3-412 NMSA 1978] does not in substance change former law. 2. Under Section 3-105(b) [55-3-105 NMSA 1978] nonissuance of either a complete or incomplete instrument is a defense by a maker or drawer against a person that is not a holder in due course. 3. The obligation of the maker may be modified in the case of alteration if, under Section 3-406 [55-3-406 NMSA 1978], the maker is precluded from asserting the alteration. 4. The rule of this section is similar to the rule of Article 39 of the Convention on International Bills of Exchange and International Promissory Notes. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-412 NMSA 1978, as enacted by Laws 1967, ch. 186, § 10, relating to acceptance varying draft, effective July 1, 1992. Laws 1992, ch. 114, § 137, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA on NMOneSource.com. For present comparable provisions, see 55-3-410 NMSA 1978. Compiler's notes. — Laws 1967, ch. 186, § 11, is compiled as 55-3-504 NMSA 1978.
NM Stat § 55-3-504 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 5 - DISHONOR|Section 55-3-504 - Excused presentment and notice of dishonor.

(a) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument cannot with reasonable diligence make presentment, (ii) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings, (iii) by the terms of the instrument presentment is not necessary to enforce the obligation of indorsers or the drawer, (iv) the drawer or indorser whose obligation is being enforced has waived presentment or otherwise has no reason to expect or right to require that the instrument be paid or accepted, or (v) the drawer instructed the drawee not to pay or accept the draft or the drawee was not obligated to the drawer to pay the draft. (b) Notice of dishonor is excused if (i) by the terms of the instrument notice of dishonor is not necessary to enforce the obligation of a party to pay the instrument, or (ii) the party whose obligation is being enforced waived notice of dishonor. A waiver of presentment is also a waiver of notice of dishonor. (c) Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercised reasonable diligence after the cause of the delay ceased to operate. History: 1978 Comp., § 55-3-504, enacted by Laws 1992, ch. 114, § 149. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Section 3-504 [55-3-504 NMSA 1978] is largely a restatement of former Section 3-511 [repealed]. Subsection (4) of former Section 3-511 is replaced by Section 3-502(f) [55-3-502 NMSA 1978]. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-504 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-504, relating to how presentment made, effective July 1, 1992. Laws 1992, ch. 114, § 149, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-505 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 5 - DISHONOR|Section 55-3-505 - Evidence of dishonor.

(a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) a document regular in form as provided in Subsection (b) which purports to be a protest; (2) a purported stamp or writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor; and (3) a book or record of the drawee, payor bank, or collecting bank, kept in the usual course of business which shows dishonor, even if there is no evidence of who made the entry. (b) A protest is a certificate of dishonor made by a United States consul or vice consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory to that person. The protest must identify the instrument and certify either that presentment has been made or, if not made, the reason why it was not made, and that the instrument has been dishonored by nonacceptance or nonpayment. The protest may also certify that notice of dishonor has been given to some or all parties. History: 1978 Comp., § 55-3-505, enacted by Laws 1992, ch. 114, § 150. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Protest is no longer mandatory and must be requested by the holder. Even if requested, protest is not a condition to the liability of indorsers or drawers. Protest is a service provided by the banking system to establish that dishonor has occurred. Like other services provided by the banking system, it will be available if market incentives, interbank agreements, or governmental regulations require it, but liabilities of parties no longer rest on it. Protest may be a requirement for liability on international drafts governed by foreign law which this Article cannot affect. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-505 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-505, relating to rights of party to whom presentment is made, effective July 1, 1992. Laws 1992, ch. 114, § 150, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-506 to 55-3-511 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 5 - DISHONOR|Section 55-3-506 to 55-3-511 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repealed 55-3-506 to 55-3-511 NMSA 1978, as enacted by Laws 1961, ch. 96, §§ 3-506 to 3-511, effective July 1, 1992. For former provisions, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-3-603 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 6 - DISCHARGE AND PAYMENT|Section 55-3-603 - Tender of payment.

(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates. (c) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument. History: 1978 Comp., § 55-3-603, enacted by Laws 1992, ch. 114, § 153. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Section 3-603 [55-3-603 NMSA 1978] replaces former Section 3-604. Subsection (a) generally incorporates the law of tender of payment applicable to simple contracts. Subsections (b) and (c) state particular rules. Subsection (b) replaces former Section 3-604(2). Under Subsection (b) refusal of a tender of payment discharges any indorser or accommodation party having a right of recourse against the party making the tender. Subsection (c) replaces former Section 3-604(1) and (3). Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-603 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-603, relating to payment or satisfaction, effective July 1, 1992. Laws 1992, ch. 114, § 153, 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 55-3-602 NMSA 1978.
NM Stat § 55-3-604 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 6 - DISCHARGE AND PAYMENT|Section 55-3-604 - Discharge by cancellation or renunciation.

(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument: (i) by an intentional voluntary act, such as surrender of the instrument to the party; destruction, mutilation or cancellation of the instrument; cancellation or striking out of the party's signature; or the addition of words to the instrument indicating discharge; or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed record. (b) Cancellation or striking out of an indorsement pursuant to Subsection (a) of this section does not affect the status and rights of a party derived from the indorsement. (c) As used in this section, "signed" with respect to a record that is not a writing includes the attachment to or logical association with the record of an electronic symbol, sound or process with the present intent to adopt or accept the record. History: 1978 Comp., § 55-3-604, enacted by Laws 1992, ch. 114, § 154; 2009, ch. 234, § 10. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Section 3-604 [55-3-604 NMSA 1978] replaces former Section 3-605. Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-604 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-604, relating to tender of payment, effective July 1, 1992. Laws 1992, ch. 114, § 154, 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 55-3-603 NMSA 1978. The 2009 amendment, effective January 1, 2010, in Subsection (a), at the end of the subsection, deleted "writing" and added "record" and added Subsection (c). Mistaken, unauthorized, or unintentional cancellation. — A cancellation, release, or surrender of the instrument is ineffective if it is unauthorized, unintentional, or done by mistake. Los Alamos Credit Union v. Bowling, 1989-NMSC-002, 108 N.M. 113, 767 P.2d 352. Bank action compromising and settling note balance amounts to complete discharge of all parties, insofar as the bank is concerned; the bank does not thereby discharge a claim of contribution resulting between parties. Farmington Nat'l Bank v. Basin Plastics, Inc., 1980-NMSC-092, 94 N.M. 668, 615 P.2d 985. Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes §§ 934, 935, 948 to 950, 952. Accord and satisfaction by endorsement and transfer of commercial paper by agent having no authority to compromise, 46 A.L.R. 1523. What constitutes renunciation by surrender of negotiable instrument under U.C.C. § 3-605, 96 A.L.R.3d 1144. Unintentional cancellation of negotiable instrument under UCC Article 3, 59 A.L.R.4th 617. 10 C.J.S. Bills and Notes § 231 et seq.
NM Stat § 55-3-606 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 6 - DISCHARGE AND PAYMENT|Section 55-3-606 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repeals 55-3-606 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-606, relating to impairment of recourse or collateral, effective July 1, 1992. For provisions of former section, see the 1991 NMSA on NMOneSource.com.
NM Stat § 55-3-701 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 7 - ADVICE OF INTERNATIONAL SIGHT DRAFT|Section 55-3-701 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repeals 55-3-701 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-701, relating to letter of advice of international sight draft, effective July 1, 1992. For provisions of former section, see the 1991 NMSA on NMOneSource.com.
NM Stat § 55-3-801 to 55-3-805 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 3 - Negotiable Instruments|Part 8 - MISCELLANEOUS|Section 55-3-801 to 55-3-805 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237A repeals 55-3-801 to 55-3-805 NMSA 1978, as enacted by Laws 1961, ch. 96, §§ 3-801 to 3-805, effective July 1, 1992. For former provisions, see the 1991 NMSA on NMOneSource.com.
NM Stat § 55-4-106 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-4-106 - Payable through or payable at bank; collecting bank.

(a) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank. (b) If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on the bank. History: 1978 Comp., § 55-4-106, enacted by Laws 1992, ch. 114, § 161. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. This section replaces former Sections 3-120 and 3-121 [repealed]. Some items are made "payable through" a particular bank. Subsection (a) states that such language makes the bank a collecting bank and not a payor bank. An item identifying a "payable through" bank can be presented for payment to the drawee only by the "payable through" bank. The item cannot be presented to the drawee over the counter for immediate payment or by a collecting bank other than the "payable through" bank. 2. Subsection (b) retains the alternative approach of the present law. Under Alternative A a note payable at a bank is the equivalent of a draft drawn on the bank and the midnight deadline provisions of Sections 4-301 and 4-302 [55-4-301 and 55-4-302 NMSA 1978, respectively] apply. Under Alternative B a "payable at" bank is in the same position as a "payable through" bank under Subsection (a). 3. Subsection (c) rejects the view of some cases that a bank named below the name of a drawee is itself a drawee. The commercial understanding is that this bank is a collecting bank and is not accountable under Section 4-302 [55-4-302 NMSA 1978] for holding an item beyond its deadline. The liability of the bank is governed by Sections 4-202(a) and 4-103(e) [55-4-202 and 55-4-103 NMSA 1978, respectively]. Recompilations. — Laws 1992, ch. 114, § 162 recompiled former 55-4-106 NMSA 1978, relating to separate office of a bank, as 55-4-107 NMSA 1978, effective July 1, 1992. Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
NM Stat § 55-4-108 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 1 - GENERAL PROVISIONS AND DEFINITIONS|Section 55-4-108 - Time of receipt of items.

(a) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books. (b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day. History: 1953 Comp., § 50A-4-107, enacted by Laws 1961, ch. 96, § 4-107; 1978 Comp., § 55-4-107, recompiled as 1978 Comp., § 55-4-108 by Laws 1992, ch. 114, § 163. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Each of the huge volume of checks processed each day must go through a series of accounting procedures that consume time. Many banks have found it necessary to establish a cutoff hour to allow time for these procedures to be completed within the time limits imposed by Article 4. Subsection (a) approves a cutoff hour of this type provided it is not earlier than 2 P.M. Subsection (b) provides that if such a cutoff hour is fixed, items received after the cutoff hour may be treated as being received at the opening of the next banking day. If the number of items received either through the mail or over the counter tends to taper off radically as the afternoon hours progress, a 2 P.M. cutoff hour does not involve a large portion of the items received but at the same time permits a bank using such a cutoff hour to leave its doors open later in the afternoon without forcing into the evening the completion of its settling and proving process. 2. The provision in Subsection (b) that items or deposits received after the close of the banking day may be treated as received at the opening of the next banking day is important in cases in which a bank closes at twelve or one o'clock, e.g., on a Saturday, but continues to receive some items by mail or over the counter if, for example, it opens Saturday evening for the limited purpose of receiving deposits and cashing checks. Recompilations. — Laws 1992, ch. 114, § 164 recompiled former 55-4-108 NMSA 1978, relating to delays, as 55-4-109 NMSA 1978, effective July 1, 1992. The 1992 amendment, effective July 1, 1992, substituted letters for numbers in the subsection designations; and substituted "An item" for "Any item" in Subsection (b). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 699. Liability of bank in connection with night depositor service, 77 A.L.R.3d 597. 9 C.J.S. Banks and Banking §§ 273, 274, 383.