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2013 New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 5 - Miscellaneous Provisions Relating to Commercial Instruments
Section 56-5-3 - Contracts not specifying time of performance; demand necessary. (1961)


NM Stat § 56-5-3 (2013) What's This?

56-5-3. Contracts not specifying time of performance; demand necessary. (1961) 
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.   
  History: 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. 

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