2017 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2 - Sales
Part 6 - BREACH, REPUDIATION AND EXCUSE
Section 55-2-612 - "Installment contract"; breach.

Universal Citation: NM Stat § 55-2-612 (2017)

55-2-612. "Installment contract"; breach.

(1) An "installment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause "each delivery is a separate contract" or its equivalent.

(2) The buyer must reject any installment which is nonconforming if the nonconformity substantially impairs the value of that installment and cannot be cured or if the nonconformity is a defect in the required documents; but if the nonformity does not fall within Subsection (3) and the seller gives adequate assurance of its cure, the buyer must accept that installment.

(3) Whenever nonconformity or default with respect to one or more installments substantially impairs the value of the whole contract, there is a breach of the whole. But the aggrieved party reinstates the contract if he accepts a nonconforming installment without seasonably notifying of cancellation or if he brings an action with respect only to past installments or demands performance as to future installments.

History: 1953 Comp., 50A-2-612, enacted by Laws 1961, ch. 96, 2-612.

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