A. Unless displaced by the provisions of the Uniform Voidable Transactions Act, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating cause, supplement its provisions.
B. The provisions of the Uniform Voidable Transactions Act are not the exclusive law on the subject of voidable transfers and obligations.
C. The provisions of the Uniform Voidable Transactions Act operate independently of rules in organic law that govern the internal affairs of business organizations that limit distributions by those organizations to their equity owners. Compliance with those rules does not insulate such distributions from being voidable pursuant to the provisions of that act.
History: Laws 1989, ch. 382, § 11; 1978 Comp., § 56-10-24 recompiled and amended as § 56-10-26 by Laws 2015, ch. 54, § 19.
ANNOTATIONSRecompilations. — Laws 2015, ch. 54, § 19 recompiled and amended former 56-10-24 NMSA 1978 as 56-10-26 NMSA 1978, effective January 1, 2016.
The 2015 amendment, effective January 1, 2016, substituted "Uniform Voidable Transactions Act" for references to the former Uniform Fraudulent Transfer Act; designated the previously undesignated language in the section as Subsection A; in Subsection A, after "Uniform", deleted "Fraudulent Transfer" and added "Voidable Transactions"; and added Subsections B and C.