reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 5 - Miscellaneous Provisions Relating to Commercial Instruments › Section 56-5-4 - [False certificate as to protest by notary public; penalty.]

Any notary public, who shall willfully issue a false certificate in relation to any note or order protested by him, shall be punished by a fine of not less than twenty dollars [($20.00)] nor more than five hundred dollars [($500)], and shall also be liable for damages to any party injured by such false certificate.
History:
Laws 1876, ch. 30, § 3; C.L. 1884, § 1731; C.L. 1897, § 2547; Code 1915, § 594; C.S. 1929, § 27-106; 1941 Comp., § 53-704; 1953 Comp., § 50-7-4; Laws 1961, ch. 96, § 11-109.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
58 Am. Jur. 2d Notaries Public §§ 58 to 76.
Necessity and sufficiency of officer's jurat or certificate as to oath, 1 A.L.R. 1568, 116 A.L.R. 587.
What amounts to notary's seal, 7 A.L.R. 1663.
Notary's right to change or contradict certificate of protest, 28 A.L.R. 543.
Parol evidence to show contents of certificate of protest, 75 A.L.R. 134.
Measure of damages for false or incomplete certificate by notary public, 13 A.L.R.3d 1039.
66 C.J.S. Notaries § 6.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 5 - Miscellaneous Provisions Relating to Commercial Instruments › Section 56-5-5 - [Bills of exchange; nonacceptance or nonpayment; damages and interest recoverable.]

The rate of damage to be allowed and paid upon the nonacceptance or nonpayment of bills of exchange drawn or indorsed in this state, when damage is recoverable, shall be as follows: if the bill be drawn upon a person at a place out of the United States, twelve percent upon the principal specified in the bill, with interest on the same from the time of the protest; if drawn upon a person at a place in any of the United States or the territories thereof, six percent with interest.
History:
Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 4; C.L. 1884, § 1728; C.L. 1897, § 2543; Code 1915, § 592; C.S. 1929, § 27-104; 1941 Comp., § 53-705; 1953 Comp., § 50-7-5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-1 - Definitions.

As used in Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation:
A. words shall have the same meanings as set forth in the Uniform Commercial Code, Article 7 [55-7-101 to 55-7-807 NMSA 1978];
B. "warehouse" means any building, structure or other protected enclosure in which any agricultural product is, or may be, stored; and
C. "agricultural products" includes only those which are produced from the ground.
History:
Laws 1941, ch. 145, § 1; 1941 Comp., § 53-901; 1953 Comp., § 50-9-1; Laws 1961, ch. 96, § 11-110.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 11, 18.
Liability of warehousemen for damage to, or destruction of, property by fire, 16 A.L.R. 280.
Deposit of grain without obligation to return identical grain as bailment or a sale, 54 A.L.R. 1166.
Legal effect of transaction by which grain or other commodity is received for storage by one who has not complied with statutory conditions necessary to become a public warehouseman, 108 A.L.R. 928.
Storage contract as a bailment of chattels or lease of place where chattels are stored, 138 A.L.R. 1137.
Liability of warehouseman for deterioration of goods due to improper temperature, 92 A.L.R.2d 1298.
Liability of warehouseman or other bailee for loss of goods stored at other than agreed-upon place, 76 A.L.R.4th 883.
93 C.J.S. Warehousemen and Safe Depositaries § 15.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-2 - [License to store agricultural products; issuance upon application; contents; fee.]

No warehouseman shall issue negotiable warehouse receipts for agricultural products as in this act [56-6-1 to 56-6-11 NMSA 1978] defined, unless he shall have obtained from the county clerk of the county in which his warehouse is located a license authorizing him to store such agricultural products. Such license shall be issued by said county clerk upon the written application, under oath, of the warehouseman, setting forth his name and the location of his warehouse or warehouses. At the time of filing such application with the county clerk, the applicant shall be required to pay to the county clerk a filing fee of $2.50. If the applicant is a partnership, the names of the partners shall be set forth, and if a corporation, then the names of the president, secretary and treasurer thereof shall be set forth. In the case of a corporate applicant, the application shall be signed and sworn to by its president or secretary. Such application shall be filed and preserved in the county clerk's office.
History:
Laws 1941, ch. 145, § 2; 1941 Comp., § 53-902; 1953 Comp., § 50-9-2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For county clerks,
see
N.M. Const., art. VI, § 22 and Chapter 4, Article 40 NMSA 1978.
Individual requires one bond, license.
— When a person is acting in his individual capacity, he need obtain only one bond and one license, even where he owns more than one warehouse. 1943 Op. Att'y Gen. No. 43-4390.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 19 to 23, 42.
53 C.J.S. Licenses § 34; 93 C.J.S. Warehousemen and Safe Depositaries § 5.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-3 - [Bond; filing; approval; conditions; effect of termination.]

No warehouseman shall issue negotiable warehouse receipts until he has filed, with the county clerk, a surety company bond in the sum of five thousand dollars ($5,000), payable to the state, and approved by the district attorney of the judicial district within which is located the office of the county clerk, to secure the faithful performance of the warehouseman's obligation under the provisions of Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation, and under the Uniform Commercial Code, Article 7 [55-7-101 to 55-7-807 NMSA 1978], and of such additional obligations, as a warehouseman, assumed by him under contracts with the depositors of agricultural products in the warehouse. The license shall terminate upon the expiration of the surety bond unless a new bond is filed with the county clerk not less than ten days prior to the expiration date.
History:
Laws 1941, ch. 145, § 3; 1941 Comp., § 53-903; 1953 Comp., § 50-9-3; Laws 1961, ch. 96, § 11-111.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For county clerks,
see
N.M. Const., art. VI, § 22 and Chapter 4, Article 40 NMSA 1978.
For district attorneys,
see
N.M. Const., art. VI, § 24 and Chapter 36, Article 1 NMSA 1978.
For surety companies,
see
Chapter 46, Article 6 NMSA 1978.
Bond required for each county with warehouse.
— A bond must be filed by warehouse companies which issue negotiable warehouse receipts in each county in which warehouses are located. 1941 Op. Att'y Gen. No. 41-3897.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 127 to 137.
93 C.J.S. Warehousemen and Safe Depositaries §§ 15 to 28.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-4 - [Numbering of licenses; display.]

The county clerk shall number the licenses, issued under this act [56-6-1 to 56-6-11 NMSA 1978], with consecutive numbers following the name of his county, as follows: ". . . . . . . . County, Number . . . . . . . . . . . . .." Each warehouseman shall display the number of his license on his warehouse, together with the words "New Mexico Bonded Warehouse, License No. . . . . . . . . . ., . . . . . . . . . . County."
History:
Laws 1941, ch. 145, § 4; 1941 Comp., § 53-904; 1953 Comp., § 50-9-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For county clerks,
see
N.M. Const., art. VI, § 22 and Chapter 4, Article 40 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-5 - [Insurance required.]

Each warehouseman shall be required to carry one hundred percent fire, combustion and lightning insurance and fifty percent tornado insurance on the value of the products in storage, under policies issued by insurance companies authorized to do business in New Mexico, payable to the warehouseman and his bondsman as their interests may appear.
History:
Laws 1941, ch. 145, § 5; 1941 Comp., § 53-905; 1953 Comp., § 50-9-5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 157 to 167, 184 to 200.
Liability of warehouseman for damage to, or destruction of, property by fire, 16 A.L.R. 280.
Right in proceeds of insurance taken out by warehouseman on goods stored, 53 A.L.R. 1409.
Right of owner to sue on fire policy taken out by warehouseman, 61 A.L.R. 720.
Right of owner to enforce insurance policy taken out by warehouseman, 81 A.L.R. 1271, 148 A.L.R. 359.
Farmowners' liability insurance risks and coverage, 93 A.L.R.3d 472, 31 A.L.R.4th 957, 33 A.L.R.4th 983, 34 A.L.R.4th 761, 35 A.L.R.4th 1063.
93 C.J.S. Warehousemen and Safe Depositaries §§ 34, 40, 41, 61.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-6 - [Action for breach of obligation secured by bond.]

Any person injured by the breach of any obligation to secure which a bond is given, under the provisions of Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation or the Uniform Commercial Code, Article 7 [55-7-101 to 55-7-807 NMSA 1978] shall be entitled to sue on the bond in his own name in any court of competent jurisdiction to recover the damages he may have sustained by such breach.
History:
Laws 1941, ch. 145, § 6; 1941 Comp., § 53-906; 1953 Comp., § 50-9-6; Laws 1961, ch. 96, § 11-112.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 245, 248, 267.
93 C.J.S. Warehousemen and Safe Depositaries § 75.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-7 - [Revocation of license; procedure.]

The license gives the applicant authority to conduct the business of a warehouseman and is revocable only by the district court of the county in which the warehouse is located, upon the written petition of any person setting forth the particular violation of Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation or of Sections 50-8-50 through 50-8-55 New Mexico Statutes Annotated, 1953 Compilation, or both, and upon proper procedure and proof, as in other civil cases.
History:
Laws 1941, ch. 145, § 7; 1941 Comp., § 53-907; 1953 Comp., § 50-9-7; Laws 1961, ch. 96, § 11-113.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Sections 50-8-50 through 50-8-55 New Mexico Statutes Annotated, 1953 Compilation, referenced in this section, were repealed by Laws 1961, ch. 96, § 10-102.
Cross references.
— For special penalty provisions pertaining to warehouse receipts,
see
55-7-301 NMSA 1978 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses § 11.
93 C.J.S. Warehousemen and Safe Depositaries § 5.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-8 - [Negotiable receipts to bear endorsement regarding insurance.]

The negotiable receipts issued by any warehouseman under Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation, among other requirements provided for in the Uniform Commercial Code, Article 7 [55-7-101 to 55-7-807 NMSA 1978] shall plainly state on the face that the agricultural products for which the receipt is issued are kept fully insured by the warehouseman against loss by fire at the current market value.
History:
Laws 1941, ch. 145, § 8; 1941 Comp., § 53-908; 1953 Comp., § 50-9-8; Laws 1961, ch. 96, § 11-114.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 40 to 50.
Rights of purchaser of warehouse receipt against warehouseman, 38 A.L.R. 1205.
"Warehouse purchase receipt" as bailment or contract of sale, 91 A.L.R. 907.
93 C.J.S. Warehousemen and Safe Depositaries § 3.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-9 - [Issuance of receipts without complying with act; penalty.]

Any warehouseman, or any officer, agent or servant of a warehouseman, who issues or aids in issuing a receipt for such agricultural products without complying with the provisions of this act [56-6-1 to 56-6-11 NMSA 1978] shall be guilty of a felony, and upon conviction shall be punished for each offense by imprisonment not exceeding three years or by a fine not exceeding five thousand dollars [($5,000)], or both.
History:
Laws 1941, ch. 145, § 9; 1941 Comp., § 53-909; 1953 Comp., § 50-9-9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 42, 60, 288, 305.
93 C.J.S. Warehousemen and Safe Depositaries §§ 18, 86.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-10 - [Exemption of farmer's marketing associations.]

The provisions of this act [56-6-1 to 56-6-11 NMSA 1978] shall not apply to any farmer's marketing association whose principal business is that of storing and marketing perishable agricultural products.
History:
Laws 1941, ch. 145, § 10; 1941 Comp., § 53-910; 1953 Comp., § 50-9-10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses § 9.
93 C.J.S. Warehousemen and Safe Depositaries § 5.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 6 - Warehousing of Agricultural Products › Section 56-6-11 - [Exemption of warehouseman operating under federal act, or under $5,000 bond; exception.]

No provision of this act [56-6-1 to 56-6-11 NMSA 1978] shall apply to any warehouseman operating under the provisions of the United States Warehouse Act nor to any warehouseman within the state of New Mexico who is under like bond in the amount of $5,000.00 or more to any agency of the United States or the state of New Mexico providing that if the warehouseman shall cease to operate under the bond referred to in this section, he shall be governed by the provisions of this act.
History:
Laws 1941, ch. 145, § 11; 1941 Comp., § 53-911; 1953 Comp., § 50-9-11.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For the United States Warehouse Act,
see
7 U.S.C. § 241 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
78 Am. Jur. 2d Warehouses §§ 11, 12.
93 C.J.S. Warehousemen and Safe Depositaries §§ 3, 15.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 7 - Indemnity Agreements › Section 56-7-3 - Commercial instruments and transaction.

A. A provision of a lease or rental contract for equipment that requires a party to the agreement to indemnify, hold harmless, insure or defend the other party to the agreement, including the other party's officers, employees or agents against liability, claims, damages, losses or expenses, including attorney fees, arising out of bodily injury to a person or damage to property caused by or resulting from, in whole or in part, the negligence, act or omission of the indemnitee, its officers, employees or agents, is void, unenforceable and against the public policy of this state.
B. A lease or rental contract for equipment may contain a provision that requires one party to the contract to indemnify, hold harmless or insure the other party to the contract, including its officers, employees or agents, against liability, claims, damages, losses or expenses, including attorney fees, only to the extent that the liability, damages, losses or expenses are caused by, or arise out of, the acts or omissions of the indemnitor or its officers, employees or agents.
C. A lease or rental contract for equipment that does not contain a provision covered by this section shall be presumed to conform to Subsections A and B of this section.
D. As used in this section, "lease or rental contract for equipment" means any public, private, foreign or domestic contract or agreement relating to the temporary use of equipment without transfer of ownership of the equipment from one party to the other.
E. As used in this section, "indemnify" or "hold harmless" includes any requirement to name the indemnified party as an additional insured in the indemnitor's insurance coverage for the purpose of providing indemnification for any liability not otherwise allowed in this section. The provisions of this subsection shall not restrict the right of any remedy available to a claimant or plaintiff.
F. Nothing in this section shall apply to a lease or rental contract for a motor vehicle, as "motor vehicle" is defined in Section 66-1-4.11 NMSA 1978 and that is designed and used primarily to transport persons or property on a public highway.
G. Nothing in this section shall apply to a security agreement as defined in Section 55-9-102 NMSA 1978 or to a finance lease as defined in Section 55-2A-103 NMSA 1978 or to a lease by a repossessing lessor for equipment repossessed upon default under such a finance lease.
H. Nothing in this section shall apply to a lease or rental contract for equipment for use in the production of motion pictures or television.
History:
Laws 2007, ch. 252, § 2.
ANNOTATIONS
Effective dates.
— Laws 2007, ch. 252 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 15, 2007, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-1 - [Lawful money; definition; application.]

The money of account of this state shall be the dollar, cent and mill; and all public accounts, and the proceedings of all courts in relation to money shall be kept and expressed in money of the above denomination.
History:
Laws 1851-1852, p. 254; C.L. 1865, ch. 79, § 1; C.L. 1884, § 1732; C.L. 1897, § 2548; Code 1915, § 3523; C.S. 1929, § 89-101; 1941 Comp., § 53-601; 1953 Comp., § 50-6-1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury §§ 4 to 17.
Retrospective application and effect of statutory provision for change of rate of interest, 4 A.L.R.2d 932, 40 A.L.R.4th 147, 41 A.L.R.4th 694.
91 C.J.S. Usury § 8.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-2 - [Denominations to be reduced to lawful basis in actions.]

The above section [56-8-1 NMSA 1978] shall not in any manner affect any demand in money of another denomination, but such demand in any suit or proceeding affecting the same shall be reduced to the above denomination.
History:
Laws 1851-1852, p. 254; C.L. 1865, ch. 79, § 2; C.L. 1884, § 1733; C.L. 1897, § 2549; Code 1915, § 3524; C.S. 1929, § 89-102; 1941 Comp., § 53-602; 1953 Comp., § 50-6-2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross reference.
— For the meaning of the words "above denomination" as referring to the dollar, cent and mill,
see
56-8-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
58 C.J.S. Mines § 141.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-6 - Grain purchase contracts; disclosure regarding act of God clause.

If a written contract for the purchase of grain does not include an act of God clause that relieves the seller of the grain from any obligation to fulfill the contract due to acts of God or other unavoidable accidents which prevent the performance of the contract, the purchaser of the grain shall clearly and conspicuously disclose the absence of that act of God clause on the front page of the written contract. The notice required by this section shall be separately and clearly stated in at least ten-point bold-face type.
History:
Laws 1991, ch. 246, § 1.
ANNOTATIONS
Repeals and reenactments.
— Laws 1991, ch. 246, § 2 repealed 56-8-6 NMSA 1978, as enacted by Laws 1865-1866, ch. 14, § 1, effective April 4, 1991. Laws 1991, ch. 246, § 1 enacted a new 56-8-6 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-7 - Procuring loans; rate of commission; exceptions.

For negotiating or securing any loan, no person, association of persons or corporation shall charge, collect or receive in excess of the following amounts:
A. upon any loan not exceeding five hundred dollars ($500), four percent;
B. upon any loan exceeding five hundred dollars ($500) and not exceeding two thousand dollars ($2,000), four percent upon the first five hundred dollars ($500) and three percent upon the remainder; and
C. upon any loan exceeding two thousand dollars ($2,000), four percent upon the first one thousand dollars ($1,000) and two percent upon the remainder; provided that this section shall not apply to any loan in excess of fifty thousand dollars ($50,000) when such loan is made for business, commercial or agricultural purposes, nor to any loan negotiated or secured by a registrant under the Mortgage Loan Company and Loan Broker Act [Mortgage Loan Company Act] [Chapter 58, Article 21 NMSA 1978]. In such instances, broker's fees shall be negotiable, but shall not exceed six percent of the principal amount of the loan.
History:
Laws 1912, ch. 31, § 1; Code 1915, § 1806; C.S. 1929, § 35-4616; 1941 Comp., § 53-613; 1953 Comp., § 50-6-13; Laws 1977, ch. 293, § 3; 1984, ch. 15, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
A note given for interest and not commissions is not unlawful.
Tompkins v. Rain
, 1921-NMSC-015, 26 N.M. 631, 195 P. 800.
Commission rates limited.
— This section places a maximum limit on the rate of commission for negotiating or securing a loan for more than two thousand dollars ($2,000) at 4% on the first $1,000 and 2% on the remainder.
Forrest Currell Lumber Co. v. Thomas
, 1970-NMSC-018, 81 N.M. 161, 464 P.2d 891.
Inapplicable absent broker-principal relation.
— This section limits the charge which may be made by a broker against his principal for services rendered by the broker in procuring a loan of money for the principal. The section has no application where there is no broker-principal relation.
Home Sav. & Loan Ass'n v. Bates
, 1966-NMSC-167, 76 N.M. 660, 417 P.2d 798.
Violation of section as cause of action by corporation.
— A corporation can rely on a violation of this section as a basis for a cause of action for damages pursuant to 56-8-8 NMSA 1978.
Diane, Inc. v. Kapnison
, 1983-NMSC-056, 100 N.M. 143, 667 P.2d 450.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury § 235.
Expenses or charges in form of commissions to agents, brokers, or like intermediaries incident to loan of money, 52 A.L.R.2d 703.
91 C.J.S. Usury §§ 6, 114.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-8 - [Excessive commission for procuring loan; penalty.]

That any person, association of persons or corporation violating the preceding section [56-8-7 NMSA 1978] shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than one hundred dollars [($100)] nor more than five hundred dollars [($500)], or by imprisonment for not less than thirty nor more than ninety days, or by both such fine and imprisonment; and shall also be liable in damages to the party injured in double the whole amount so charged for negotiating or securing any such loan.
History:
Laws 1912, ch. 31, § 2; Code 1915, § 1807; C.S. 1929, § 35-4617; 1941 Comp., § 53-614; 1953 Comp., § 50-6-14.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Corporation may bring action.
— A corporation can rely on a violation of 56-8-7 NMSA 1978, which limits commission rates on procuring loans, as a basis for a cause of action for damages pursuant to this section.
Diane, Inc. v. Kapnison
, 1983-NMSC-056, 100 N.M. 143, 667 P.2d 450.
Penalties for charging excess commission.
— This section makes a violation of 56-8-7 NMSA 1978 a misdemeanor and, in addition to a fine and imprisonment, makes the person or corporation liable in damages in double the whole amount charged for negotiating or securing the loan.
Forrest Currell Lumber Co. v. Thomas
, 1970-NMSC-018, 81 N.M. 161, 464 P.2d 891.
Attorney's duty to advise client of potential penalty.
— An attorney who advised his client that a loan brokerage fee which the client charged a corporation was not excessive, had a duty to advise his client on the potential exposure to penalty, should his interpretation be deemed incorrect.
First Nat'l Bank v. Diane, Inc.
, 1985-NMCA-025, 102 N.M. 548, 698 P.2d 5.
Law reviews.
— For note, "Legal Malpractice - Liability for Failure to Warn:
First National Bank of Clovis v. Diane, Inc.
,"
see
16 N.M.L. Rev. 395 (1986).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury §§ 218 to 222.
Usury as affected by mistake in amount or calculation of interest or service charges for loan, 11 A.L.R.3d 1498.
Enforceability of provision in loan commitment agreement authorizing lender to charge standby fee, commitment fee or similar deposit, 93 A.L.R.3d 1156.
91 C.J.S. Usury §§ 6, 114, 116.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-10 - Farm, ranch and agriculture loans.

The provisions of Subsections C, D and E of Section 56-8-9 NMSA 1978 are not applicable to loans secured by a first mortgage on farm, ranch or agricultural real estate where the purpose of the loan is primarily for farming, ranching or agricultural purposes.
History:
1953 Comp., § 50-6-15.1, enacted by Laws 1977, ch. 293, § 5.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Validity and construction of provision (escalator clause) in land contract or mortgage that rate of interest payable shall increase if legal rate is raised, 60 A.L.R.3d 473.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-11 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 56-8-11 NMSA 1978, as enacted by Laws 1967, ch. 41, § 2, relating to the rates of interest allowed, effective July 1, 1981.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 56-8-11 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-11.1 - Repealed.

History:
Laws 1981, ch. 263, § 1; repealed by Laws 1991, ch. 120, § 10.
ANNOTATIONS
Repeals.
— Laws 1991, ch. 120, § 10 repealed 56-8-11.1 NMSA 1978, as enacted by Laws 1981, ch. 263, § 1, relating to maximum rate of interest, effective June 14, 1991. For provisions of former section,
see
the 1990 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-11.2 - Repealed.

History:
Laws 1981, ch. 263, § 2; 1990, ch. 69, § 1; repealed by Laws 1991, ch. 120, § 10.
ANNOTATIONS
Repeals.
— Laws 1991, ch. 120, § 10 repealed 56-8-11.2 NMSA 1978, as enacted by Laws 1981, ch. 263, § 2, relating to disclosure, effective June 14, 1991. For provisions of former section,
see
the 1990 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-11.3 - Repealed.

History:
Laws 1981, ch. 263, § 3; repealed by Laws 1991, ch. 120, § 10.
ANNOTATIONS
Repeals.
— Laws 1991, ch. 120, § 10 repealed 56-8-11.3 NMSA 1978, as enacted by Laws 1981, ch. 263, § 3, relating to penalties, effective June 14, 1991. For provisions of former section,
see
the 1990 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-11.4 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1983, ch. 44, § 1, repealed 56-8-11.4 NMSA 1978, which, on July 1, 1983, repealed 56-8-11.1 to 56-8-11.3 NMSA 1978, effective June 30, 1983. Former 56-8-11.4 NMSA 1978 also, on July 1, 1983, revived 56-1-2.1, 56-1-3.1, 56-8-11, 56-8-25 to 56-8-28, 58-7-4, 58-11-17, 58-13-47, 58-15-14, 58-19-8 and 59-8-7.1 NMSA 1978, which were previously repealed by Laws 1981, ch. 263, § 4.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-12 - Loans by agent; liability of principal.

The acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest contracted for by the transaction of any agent, the principal shall be held thereby to the same effect as though he had acted in person, and when the same person acts as agent for the borrower and lender, he shall be deemed the agent of the lender for the purpose of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978].
History:
1953 Comp., § 50-6-17, enacted by Laws 1957, ch. 209, § 3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury §§ 223 to 234, 326, 357.
Guardian's liability for interest on ward's funds, 72 A.L.R.2d 757.
91 C.J.S. Usury §§ 43 to 45, 64, 166.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-14 - Criminal penalty.

Any person, corporation or association who shall violate the provisions of this act [56-8-9, 56-8-12 to 56-8-14 NMSA 1978] shall be guilty of a misdemeanor, and upon conviction thereof before the district court or a justice of the peace shall be fined the sum of not less than twenty-five ($25.00) dollars, nor more than one hundred ($100.00) dollars.
History:
1953 Comp., § 50-6-19, enacted by Laws 1957, ch. 209, § 5.
ANNOTATIONS
Saving clauses.
— Laws 1957, ch. 209, § 6 provided that none of the provisions of the New Mexico Small Loan Act of 1955, Laws 1955, ch. 128, is amended or repealed by this act.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury §§ 307, 357 to 360.
Construction and application of Consumer Credit Protection Act provisions (18 USCS §§ 891-894) prohibiting extortionate credit transactions, 106 A.L.R. Fed. 33.
91 C.J.S. Usury § 160.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-15 to 56-8-20 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1985, ch. 228, § 17 repealed 56-8-15 to 56-8-20 NMSA 1978, as enacted by Laws 1965, ch. 253, §§ 1 to 6 and as amended by Laws 1971, ch. 82, §§ 1 and 2, relating to pledging personalty as security for loans and penalties for violation of provisions, effective June 14, 1985. For present comparable provisions,
see
Chapter 56, Article 12 NMSA 1978.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-21 - Usury; corporations and limited partnerships.

A. No corporation shall plead, enforce a remedy, counterclaim, set off or set up the defense of usury to any action brought against it to recover damages or shall enforce a remedy for usury on any obligation executed by the corporation.
B. No limited partnership, limited partner or general partner of a limited partnership, shall plead or set up the defense of usury in any action brought against it or him on a limited partnership obligation. No limited partnership, limited partner or general partner of a limited partnership shall enforce a remedy for usury on any limited partnership obligation.
C. This section shall apply to a transaction in which a corporation or a limited partnership is debtor regardless of the purpose for which the corporation or limited partnership was formed.
History:
1953 Comp., § 50-6-26, enacted by Laws 1975, ch. 171, § 1.
ANNOTATIONS
Section has no applicability to action involving violation of 56-8-7 NMSA 1978,
limiting commission rates on procuring loans.
Diane, Inc. v. Kapnison
, 1983-NMSC-056, 100 N.M. 143, 667 P.2d 450.
Individual's usury defense allowed when corporation guarantor.
— When a corporation is not a primary maker on a note but is a guarantor, the individuals who signed as makers are entitled to assert the defense of usury.
First Nat'l Bank v. Danek
, 1976-NMSC-077, 89 N.M. 623, 556 P.2d 31.
Usury defense unavailable where corporation actually maker.
— Evidence which tended to show that the money represented by a promissory note was primarily to be used to establish and operate a corporation and that the corporation was actually the maker and the individuals, the guarantors, would have nullified the defense of usury.
First Nat'l Bank v. Danek
, 1976-NMSC-077, 89 N.M. 623, 556 P.2d 31.
Exemptions applicable to Residential Home Loan Act.
— The exemptions from interest limitations and other provisions of law established by 56-8-9 and 58-8-1 to 58-8-3 NMSA 1978 and this section should be applicable to any home loan made pursuant to the Residential Home Loan Act. 1980 Op. Att'y Gen. No. 80-14.
Law reviews.
— For article, "The Use (or Abuse) of the Limited Partnership in Financing Real Estate Ventures in New Mexico,"
see
3 N.M. L. Rev. 251 (1973).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Interest and Usury §§ 285 to 290.
Quantum, degree, or weight of evidence to sustain usury charge, 51 A.L.R.2d 1087.
Statute denying defense of usury to corporation, 63 A.L.R.2d 924.
Admissibility, in civil case involving usury issue, of evidence of other assertedly usurious transactions, 67 A.L.R.2d 232.
Usury as affected by acceleration clause, 66 A.L.R.3d 650.
91 C.J.S. Usury §§ 26, 92, 135, 160.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-22 - Short title.

Sections 1 through 9 [56-8-22 to 56-8-30 NMSA 1978] of this act may be cited as the "Residential Home Loan Act."
History:
Laws 1980, ch. 64, § 1.
ANNOTATIONS
Compiler's notes.
— Sections 56-8-25 to 56-8-28 NMSA 1978 were repealed by Laws 1981, ch. 263, § 4, effective July 1, 1981.
Applicability of act.
— There is no indication, either express or implied, that 56-8-22 to 56-8-30 NMSA 1978 apply only to unsophisticated and naive purchasers.
Naumburg v. Pattison
, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-23 - Purpose of act.

The purpose of the Residential Home Loan Act is to make funds for residential home financing available to New Mexicans at national market rates and to secure certain rights and protections for borrowers.
History:
Laws 1980, ch. 64, § 2.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-25 to 56-8-28 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 263, § 4, repealed 56-8-25 to 56-8-28 NMSA 1978, as enacted by Laws 1980, ch. 64, §§ 4 to 7, relating to the rates of interest on home loans, effective July 1, 1981.
Compiler's notes.
— Laws 1981, ch. 263, § 6, revived 56-8-25 to 56-8-28 NMSA 1978, effective July 1, 1983. However, Laws 1983, ch. 44, § 1, repealed Laws 1981, ch. 263, § 6, effective June 30, 1983.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-29 - Civil penalty for violation of act.

Any person that knowingly receives or charges a rate of interest greater than that allowed under the Residential Home Loan Act shall forfeit the entire amount of interest that the evidence of indebtedness specifies. If any interest has been paid by the debtor to a person that knowingly received or charged a rate that was in excess of the rate of interest allowed under the Residential Home Loan Act, then the debtor may recover by civil action twice the amount of the interest paid plus his costs of suit and attorney's fees. If any person, other than an institutional lender as defined in Section 4 [repealed] of the Residential Home Loan Act, receives or charges a rate of interest greater than that allowed under the Residential Home Loan Act, but such charging or receipt was under mistake or otherwise without knowledge of the violation, then the evidence of indebtedness is enforceable except that the lender cannot charge or receive more than the maximum rate of interest permitted under the Residential Home Loan Act, and the debtor may recover by civil action only the excess interest plus his costs of suit and attorney's fees. Any action brought under this section must be commenced within two years of the date the evidence of indebtedness was signed by the debtor.
History:
Laws 1980, ch. 64, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Section 4 of the Residential Home Loan Act, referred to in the next-to-last sentence in this section, refers to Laws 1980, ch. 64, § 4, which was compiled as 56-8-25 NMSA 1978. That section and 56-8-26 to 56-8-28 NMSA 1978 were repealed by Laws 1981, ch. 263, § 4, effective July 1, 1981.
Statutory limitation on interest rates.
— With the repeal of Sections 56-8-25 to 56-8-28 NMSA 1978, there are no longer any interest rate limitations in the Residential Home Loan Act (Sections 56-8-22 to 56-8-30 NMSA 1978). 1985 Op. Att'y Gen. No. 85-01.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 8 - Money, Interest and Usury › Section 56-8-30 - No prepayment penalty on home loans.

No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of the indebtedness is enforceable.
History:
Laws 1980, ch. 64, § 9; 2009, ch. 151, § 1.
ANNOTATIONS
The 2009 amendment,
effective June 19, 2009, after "home loan", added "or a loan for a mobile home"; after "real estate mortgage", added "or other purchase contract"; and after "prepayment of", added "an installment payment or prepayment of".
Federal preemption.
— When applied to federally-chartered thrift institutions and banks federal law preempts 56-8-30 NMSA 1978, which prohibits banks from collecting prepayment penalties on home mortgages.
Stoneking v. Bank of Am., N.A.
, 2002-NMCA-042, 132 N.M. 79, 43 P.3d 1089
A complete prohibition against prepayment
is a penalty forbidden by this section.
Naumburg v. Pattison
, 1985-NMSC-120, 103 N.M. 649, 711 P.2d 1387.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Validity and construction of provision of mortgage or other real-estate financing contract prohibiting prepayment for a fixed period of time, 81 A.L.R.4th 423.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-2 - [Interested persons may file suit.]

All such transfers as are herein declared to inure to the benefit of the creditors generally shall be subject to the control of courts of equity upon the bill [complaint] of any person interested, filed within six months after the mortgage or transfer is legally lodged for record or the delivery of the property or effects transferred.
History:
Laws 1889, ch. 67, § 2; C.L. 1897, § 2819; Code 1915, § 275; C.S. 1929, § 7-102; 1941 Comp., § 23-102; 1953 Comp., § 27-1-2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
The word "complaint" was inserted in compliance with Rule 1-007A NMRA, which prescribes allowed pleadings.
Compiler's notes.
— The rules of civil procedure govern the procedure in the district courts of New Mexico in all suits of a civil nature whether cognizable as cases at law or in equity, with exceptions, and provide that there shall be one form of action which shall be known as a "civil action."
See
Rules 1-001 and 1-002 NMRA.
Time runs from delivery for six months.
— On assignments of contracts for the sale of land made by a debtor in contemplation of insolvency and with a design to prefer one or more creditors, which operate as assignments and transfers of all the property and effects of such debtor and inure to the benefit of all his creditors, subject to the control of courts of equity action upon the complaint of any interested person, must be filed within six months after such assignments or transfers are legally lodged for record or the delivery of the property.
Early Times Distillery Co. v. Zeiger
, 1902-NMSC-001, 11 N.M. 221, 67 P. 734.
Time when suit barred.
— Right to sue under this section was lost where seven months and a half had elapsed between the delivery of the property or effects transferred, and the time of filing bill.
Early Times Distillery Co. v. Zeiger
, 1902-NMSC-001, 11 N.M. 221, 67 P. 734;
Early Times Distillery Co. v. Zeiger
, 1897-NMSC-008, 9 N.M. 31, 49 P. 723.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignments for Benefit of Creditors § 135.
6A C.J.S. Assignments for Benefit of Creditors § 135.
2023 New Mexico Statutes › Chapter 56 - Commercial Instruments and Transactions › Article 9 - Transfers to Prefer Creditors - Voluntary Assignments › Section 56-9-3 - [Parties; order for creditors to appear; publication of notice.]

Any number of persons interested may unite as complainants in the bill of complaint; but it shall not be necessary to make any persons defendants, except the debtor and transferee; such bill of complaint shall state the amount of the debts of the defendant debtor, so far as known to the complainant, and in such action the court shall make an order for such of the creditors of the defendant debtor as are not joined as defendants in the bill of complaint, to appear before a master to be appointed by the court and prove their claims before a certain day to be named in the order, notice of which shall be given by advertisement in a newspaper; or if none be published in the county, then by such other mode as the court may judge best calculated to give such creditors actual notice of the order; and in addition to the advertisement in a newspaper, the court may direct publication in other modes. A creditor appearing before the master and presenting his claim shall thereby become a party to the action and be concluded by the final judgment of the court allowing or rejecting his claim. Any creditor who shall fail to appear and prove his claim agreeable to such order shall be precluded from participation in the distribution of the assets of the debtor hereinafter provided for.
History:
Laws 1889, ch. 67, § 3; C.L. 1897, § 2820; Code 1915, § 276; C.S. 1929, § 7-103; 1941 Comp., § 23-103; 1953 Comp., § 27-1-3.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Rule 1-007A NMRA designates the allowed pleadings and speaks of a "complaint," not a "bill of complaint." Rule 1-003 NMRA provides that a complaint commences a civil action.
Cross references.
— For publication of notice,
see
Chapter 14, Article 11 NMSA 1978.
For joinder of parties,
see
Rule 1-020A NMRA.
For class actions,
see
Rule 1-023 NMRA.
A creditor does not have to secure judgment
before he can go into court to set aside a fraudulent conveyance; it is not the existence or non-existence of the debt which gives the court jurisdiction, but the fraudulent conveyance.
Grunsfeld Bros. v. Brownell
, 1904-NMSC-014, 12 N.M. 192, 76 P. 310;
Early Times Distillery Co. v. Zeiger
, 1897-NMSC-009, 9 N.M. 45, 49 P. 1118;
Early Times Distillery Co. v. Zeiger
, 1897-NMSC-008, 9 N.M. 31, 49 P. 723.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
6 Am. Jur. 2d Assignment for Benefit of Creditors §§ 7, 23, 33, 81, 97, 122, 125, 130, 138.
6A C.J.S. Assignments for Benefit of Creditors §§ 59, 134.