N.M. Stat. § 55-2-103

Current through 2024, ch. 69

Section 55-2-103 - Definitions and index of definitions

(1) In this article, unless the context otherwise requires:

(a) "buyer" means a person who buys or contracts to buy goods;

(b) [reserved];

(c) "receipt" of goods means taking physical possession of them; and

(d) "seller" means a person who sells or contracts to sell goods.

(2) Other definitions applying to this article, or to specified parts thereof, and the sections in which they appear are:

"acceptance"	Section 55-2-606 NMSA 1978;
"banker's credit"	Section 55-2-325 NMSA 1978;
"between merchants"	Section 55-2-104 NMSA 1978;
"cancellation"	Section 55-2-106 NMSA 1978;
"commercial unit"	Section 55-2-105 NMSA 1978;
"confirmed credit"	Section 55-2-325 NMSA 1978;
"conforming to contract"	Section 55-2-106 NMSA 1978;
"contract for sale"	Section 55-2-106 NMSA 1978;
"cover"	Section 55-2-712 NMSA 1978;
"entrusting"	Section 55-2-403 NMSA 1978;
"financing agency"	Section 55-2-104 NMSA 1978;
"future goods"	Section 55-2-105 NMSA 1978;
"goods"	Section 55-2-105 NMSA 1978;
"identification"	Section 55-2-501 NMSA 1978;
"installment contract"	Section 55-2-612 NMSA 1978;
"letter of credit"	Section 55-2-325 NMSA 1978;
"lot"	Section 55-2-105 NMSA 1978;
"merchant"	Section 55-2-104 NMSA 1978;
"overseas"	Section 55-2-323 NMSA 1978;
"person in the position of a seller"	Section 55-2-707 NMSA 1978;
"present sale"	Section 55-2-106 NMSA 1978;
"sale"	Section 55-2-106 NMSA 1978;
"sale on approval"	Section 55-2-326 NMSA 1978;
"sale or return"	Section 55-2-326 NMSA 1978; and
"termination"	Section 55-2-106 NMSA 1978.

(3) "Control", as provided in Section 55-7-106 NMSA 1978, and the following definitions in other articles apply to this article:

"check".	Section 55-3-104 NMSA 1978;
"consignee".	Section 55-7-102 NMSA 1978;
"consignor".	Section 55-7-102 NMSA 1978;
"consumer goods".	Section 55-9-102 NMSA 1978;
"dishonor".	Section 55-3-502 NMSA 1978; and
"draft".	Section 55-3-104 NMSA 1978.

(4) In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article.

NMS § 55-2-103

1953 Comp., § 50A-2-103, enacted by Laws 1961, ch. 96, § 2-103; 1993, ch. 214, § 2; 2001, ch. 139, § 128; 2005, ch. 144, § 25.