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Section 55-7-509 - Adequate compliance with commercial contract.

NM Stat § 55-7-509 (2019) (N/A)
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Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease or the conditions of a letter of credit is determined by Article 2, 2A or 5 of the Uniform Commercial Code.

History: 1953 Comp., § 50A-7-509, enacted by Laws 1961, ch. 96, § 7-509; 2005, ch. 144, § 88.

OFFICIAL COMMENTS

UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

Prior Uniform Statutory Provision. — Former Section 7-509 [55-7-509 NMSA 1978].

Changes. — To reference Article 2A.

To cross-refer to the Articles of this Act which deal with the substantive issues of the type of document of title required under the contract entered into by the parties.

Cross References. — Articles 2, 2A and 5.

"Contract for sale". Section 2-106 [55-2-106 NMSA 1978].

"Document of title". Section 1-201 [55-1-201 NMSA 1978].

"Lease". Section 2A-103 [55-2A-103 NMSA 1978].

Repeals and reenactments. — Laws 2005, ch. 144, § 88, effective January 1, 2006, repealed former 55-7-509 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-509, and enacted a new section. Pursuant to 12-2A-14 NMSA 1978, the 2005 revision is considered an amendment rather than a new enactment.

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