No trading stamp company shall cease or suspend the redemption of trading stamps in this state without filing with the secretary of state at least ninety days' prior written notice of its intention so to do and concurrently mailing a copy of such notice to each retailer within this state which has at any time theretofore within one year issued trading stamps which the company is obligated to redeem.
History: 1953 Comp., § 49-9-5, enacted by Laws 1959, ch. 79, § 5.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Contractual obligation to redeem extends beyond 90-day notice period. — This section is not intended to affect the contractual rights of the holders of stamps issued by either the trading stamp company or its contract retailers. The obligation to redeem remains even after the 90 days have elapsed. A failure to redeem after that period is a default and would constitute a breach of contract, at least as to those who receive stamps prior to the notice and as to those who were without actual knowledge of the intention of the trading stamp company to cease redemption and who were issued stamps by the retailer after he has received such notice. 1959 Op. Att'y Gen. No. 59-127.
Obligation to redeem unwritten contract with four-year limitation. — The obligation to redeem, being based on an unwritten contract between the stamp company and the rightful holder, is governed by the statute of limitations for such unwritten contracts, which is four years (see 37-1-4 NMSA 1978). 1959 Op. Att'y Gen. No. 59-127.