2017 New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 8 - Money, Interest and Usury
Section 56-8-21 - Usury; corporations and limited partnerships.
56-8-21. Usury; corporations and limited partnerships.
A. No corporation shall plead, enforce a remedy, counterclaim, set off or set up the defense of usury to any action brought against it to recover damages or shall enforce a remedy for usury on any obligation executed by the corporation.
B. No limited partnership, limited partner or general partner of a limited partnership, shall plead or set up the defense of usury in any action brought against it or him on a limited partnership obligation. No limited partnership, limited partner or general partner of a limited partnership shall enforce a remedy for usury on any limited partnership obligation.
C. This section shall apply to a transaction in which a corporation or a limited partnership is debtor regardless of the purpose for which the corporation or limited partnership was formed.
History: 1953 Comp., 50-6-26, enacted by Laws 1975, ch. 171, 1.
