N.M. Stat. § 55-1-204

Current through 2024, ch. 69

Section 55-1-204 - Value

Except as otherwise provided in Chapter 55, Articles 3, 4, 5 and 12 NMSA 1978, a person gives value for rights if the person acquires them:

(1) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

(2) as security for, or in total or partial satisfaction of, a preexisting claim;

(3) by accepting delivery under a preexisting contract for purchase; or

(4) in return for any consideration sufficient to support a simple contract.

NMS § 55-1-204

Laws 2005, ch. 144, § 12.

Amended by 2023, c. 142,s. 2, eff. 1/1/2024.