Miscellaneous Provisions Relating to Commercial Instruments

NMSA 1978 ch. 56, art. 5

in effect

NMSA 1978, § 56-5-1 Assignability; rights of assignee

56-5-1. Assignability; rights of assignee Except as provided in the Uniform Commercial Code [Chapter 55 NMSA 1978], notes, bonds, due bills and all instruments in writing, by which the maker promises to pay to another, or order or bearer, a sum of money, or by which the maker promises to pay in property or labor, or to pay or deliver any property or labor, or acknowledges any money or labor or property to be due, are assignable by indorsement or by other writing, and the assignee has a right of action in his own name, subject to any defense or setoff, legal or equitable, which the maker or debtor had against any assignor before notice of his assignment. Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 1; C.L. 1884, § 1725; C.L. 1897, § 2540; Code 1915, § 589; C.S. 1929, § 27-101; 1941 Comp., § 53-701; 1953 Comp., § 50-7-1; Laws 1961, ch. 96, § 11-106.

NMSA 1978, § 56-5-2 Assignment without recourse

56-5-2. Assignment without recourse Except as provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], the assignor may discharge himself from liability to the assignee by specifying in the assignment that it is made without recourse. Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 2; C.L. 1884, § 1726; C.L. 1897, § 2541; Code 1915, § 590; C.S. 1929, § 27-102; 1941 Comp., § 53-702; 1953 Comp., § 50-7-2; Laws 1961, ch. 96, § 11-107.

NMSA 1978, § 56-5-3 Contracts not specifying time of performance; demand necessary

56-5-3. Contracts not specifying time of performance; demand necessary Except as provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], no contract for labor, or for the payment or delivery of property in which the time of performance is not fixed, can be converted into a money demand until a demand of performance has been made and the maker refuses or a reasonable time is allowed for performance. Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 3; C.L. 1884, § 1727; C.L. 1897, § 2542; Code 1915, § 591; C.S. 1929, § 27-103; 1941 Comp., § 53-703; 1953 Comp., § 50-7-3; Laws 1961, ch. 96, § 11-108.

NMSA 1978, § 56-5-4 [False certificate as to protest by notary public; penalty.]

56-5-4. [False certificate as to protest by notary public; penalty.] Any notary public, who shall willfully issue a false certificate in relation to any note or order protested by him, shall be punished by a fine of not less than twenty dollars [($20.00)] nor more than five hundred dollars [($500)], and shall also be liable for damages to any party injured by such false certificate. Laws 1876, ch. 30, § 3; C.L. 1884, § 1731; C.L. 1897, § 2547; Code 1915, § 594; C.S. 1929, § 27-106; 1941 Comp., § 53-704; 1953 Comp., § 50-7-4; Laws 1961, ch. 96, § 11-109.

NMSA 1978, § 56-5-5 [Bills of exchange; nonacceptance or nonpayment; damages and interest recoverable.]

56-5-5. [Bills of exchange; nonacceptance or nonpayment; damages and interest recoverable.] The rate of damage to be allowed and paid upon the nonacceptance or nonpayment of bills of exchange drawn or indorsed in this state, when damage is recoverable, shall be as follows: if the bill be drawn upon a person at a place out of the United States, twelve percent upon the principal specified in the bill, with interest on the same from the time of the protest; if drawn upon a person at a place in any of the United States or the territories thereof, six percent with interest. Laws 1851-1852, p. 283; C.L. 1865, ch. 14, § 4; C.L. 1884, § 1728; C.L. 1897, § 2543; Code 1915, § 592; C.S. 1929, § 27-104; 1941 Comp., § 53-705; 1953 Comp., § 50-7-5.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18559/index.doFetched: 10/20/2026