(a) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under Section 55-3-402 NMSA 1978.
(b) A signature may be made (i) manually or by means of a device or machine, and (ii) by the use of any name, including a trade or assumed name, or by a word, mark, or symbol executed or adopted by a person with present intention to authenticate a writing.
History: 1978 Comp., § 55-3-401, enacted by Laws 1992, ch. 114, § 126.
ANNOTATIONSOFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
1. Obligation on an instrument depends on a signature that is binding on the obligor. The signature may be made by the obligor personally or by an agent authorized to act for the obligor. Signature by agents is covered by Section 3-402 [55-3-402 NMSA 1978]. It is not necessary that the name of the obligor appear on the instrument, so long as there is a signature that binds the obligor. Signature includes an indorsement.
2. A signature may be handwritten, typed, printed or made in any other manner. It need not be subscribed, and may appear in the body of the instrument, as in the case of "I, John Doe, promise to pay * * *" without any other signature. It may be made by mark, or even by thumb-print. It may be made in any name, including any trade name or assumed name, however false and fictitious, which is adopted for the purpose. Parol evidence is admissible to identify the signer, and when the signer is identified the signature is effective. Indorsement in a name other than that of the indorser is governed by Section 3-204(d) [55-3-204 NMSA 1978].
This section is not intended to affect any other law requiring a signature by mark to be witnessed, or any signature to be otherwise authenticated, or requiring any form of proof.
Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-401 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-401, relating to signature, effective July 1, 1992. Laws 1992, ch. 114, § 126, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
A rubber stamp endorsement is valid and sufficient to transfer title to the instrument endorsed, when made by one having authority. Cooper v. Albuquerque Nat'l Bank, 1965-NMSC-076, 75 N.M. 295, 404 P.2d 125.
Liability of partnership generally. — Where one partner executes a negotiable note in his own name, even though for partnership purposes, the firm is not liable thereon. Harris v. Singh, 1929-NMSC-086, 34 N.M. 470, 283 P. 910 (decided under former law).
Law reviews. — For note, "New Mexico's Uniform Commercial Code: Presentment Warranties and the Myth of the 'Shelter Provision'," see 4 Nat. Resources J. 398 (1964).
Cooper v. Albuquerque Nat'l Bank, 75 N.M. 295, 404 P.2d 125 (1965), commented on in 6 Nat. Resources J. 142 (1966).
For article, "Essential Attributes of Commercial Paper - Part I," see 1 N.M. L. Rev. 479 (1971).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes §§ 209, 210, 212, 556.
Sufficiency of signing or endorsing a bill or note by printing or stamping, 7 A.L.R. 672, 46 A.L.R. 1498.
Place of maker's signature on bill or note, 20 A.L.R. 394.
Construction and effect of statutes as to doing business under an assumed or fictitious name or designation not showing the names of the persons interested, 42 A.L.R.2d 516.
Bank's liability for payment or withdrawal on less than required number of signatures, 7 A.L.R.4th 655.
10 C.J.S. Bills and Notes § 27 et seq.; 80 C.J.S. Signatures § 1 et seq.