(a) Chapter 55 NMSA 1978 shall be known and may be cited as the "Uniform Commercial Code"; and
(b) Chapter 55, Article 1 NMSA 1978 shall be known and may be cited as the "Uniform Commercial Code-General Provisions".
History: 1953 Comp., § 50A-1-101, enacted by Laws 1961, ch. 96, § 1-101; 1992, ch. 114, § 1; 2005, ch. 144, § 1.
ANNOTATIONSOFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Source. — Former Section 1-101 [55-1-101 NMSA 1978].
Changes from former law. — Subsection (b) is new. It is added in order to make the structure of Article 1 parallel with that of the other articles of the Uniform Commercial Code.
Each other article of the Uniform Commercial Code (except Articles 10 and 11) may also be cited by its own short title. See Sections 2-101, 2A-101, 3-101, 4-101, 4A-101, 5-101, 6-101, 7-101, 8-101, and 9-101 [55-2-101, 55-2A-101, 55-3-101, 55-4-101, 55-4A-101, 55-5-101, 55-6-101, 55-7-101, 55-8-101, 55-9-101 NMSA 1978, respectively].
The 2005 amendment, effective January 1, 2006, added Subsection (b) to define the "Uniform Commercial Code-General Provisions".
The 1992 amendment, effective July 1, 1992, substituted "Chapter 55 NMSA 1978" for "This act" and inserted "the".
Purpose of comments is to explain provisions of the code itself, in effect to promote uniformity of interpretation. Burchett v. Allied Concord Fin. Corp., 1964-NMSC-231, 74 N.M. 575, 396 P.2d 186.
Comments deemed persuasive. — Official comments appearing as part of the Uniform Commercial Code are not direct authority for construction to be placed upon a section of the code, nevertheless they are persuasive and represent the opinion of the National Conference of Commissioners on Uniform State Laws and the American Law Institute. Burchett v. Allied Concord Fin. Corp., 1964-NMSC-231, 74 N.M. 575, 396 P.2d 186.
The court recognizes official comments to the code as persuasive, but not controlling, authority. First State Bank v. Clark, 1977-NMSC-088, 91 N.M. 117, 570 P.2d 1144.
Law reviews. — For article, "New Mexico's Uniform Commercial Code: Who Is the Beneficiary of the Stop Payment Provisions of Article 4?" see 4 Nat. Resources J. 69 (1964).
For article, "Special Property Under the Uniform Commercial Code: A New Concept in Sales," see 4 Nat. Resources J. 98 (1964).
For article, "Fixtures and the Uniform Commercial Code in New Mexico," see 4 Nat. Resources J. 109 (1964).
Graham v. Stoneham, 73 N.M. 382, 388 P.2d 389 (1963), commented on in 4 Nat. Resources J. 175 (1964).
For note, "New Mexico's Uniform Commercial Code: Presentment Warranties and the Myth of the 'Shelter Provision' " see 4 Nat. Resources J. 398 (1964).
For comment, "Assignments - Maker's Defenses Cut Off - Uniform Commercial Code § 9-206," see 5 Nat. Resources J. 408 (1965).
For article, "The Warehouseman vs. the Secured Party: Who Prevails When the Warehouseman's Lien Covers Goods Subject to a Security Interest?" see 8 Nat. Resources J. 331 (1968).
Loucks v. Albuquerque Nat'l Bank, 76 N.M. 735, 418 P.2d 191 (1966), commented on in 8 Nat. Resources J. 169 (1968).
For comment, "Commercial Law - Uniform Commercial Code - Sale of Goods," see 8 Nat. Resources J. 176 (1968).
For note, "Fixtures, Security Interests and Filing: Problems of Title Examination in New Mexico," see 8 Nat. Resources J. 513 (1968).
Strevell-Paterson Fin. Co. v. May, 77 N.M. 331, 422 P.2d 366 (1967), commented on in 8 Nat. Resources J. 713 (1968).
For comment, "The Miller Act in New Mexico - Materialman's Right to Recover on Prime's Surety Bond in Public Works Contracts - Notice as Condition Precedent to Action," see 9 Nat. Resources J. 295 (1969).
For comment, "New Mexico's Uniform Commercial Code in Oil and Gas Transactions," see 10 Nat. Resources J. 361 (1970).
For article, "Survey of New Mexico Law, 1982-83: Commercial Law," see 14 N.M.L. Rev. 45 (1984).
For article, "Lender Recourse in Indian Country: A Navajo Case Study," see 21 N.M.L. Rev. 275 (1991).
For survey of 1990-91 commercial law, see 22 N.M.L. Rev. 661 (1992).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes § 42; 67 Am. Jur. 2d Sales § 1 et seq.; 68A Am. Jur. 2d Secured Transactions § 163 et seq.
Excessiveness or inadequacy of attorney's fees in matters involving commercial and general business activities, 23 A.L.R.5th 241.
82 C.J.S. Statutes § 221.