There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 5 - Miscellaneous Provisions Relating to Commercial Instruments
Section 56-5-1 - Assignability; rights of assignee. (1961)
NM Stat § 56-5-1 (2013) What's This?
56-5-1. Assignability; rights of assignee. (1961)
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.
History: 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.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
