2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2 - Sales
Section 55-2-304 - Price payable in money, goods, realty or otherwise.
(1) The price can be made payable in money or otherwise. If it is payable in whole or in part in goods each party is a seller of the goods which he is to transfer.
(2) Even though all or part of the price is payable in an interest in realty the transfer of the goods and the seller's obligations with reference to them are subject to this article, but not the transfer of the interest in realty or the transferor's obligations in connection therewith.
History: 1953 Comp., § 50A-2-304, enacted by Laws 1961, ch. 96, § 2-304.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Prior uniform statutory provision. — Subsections (2) and (3) of Section 9, Uniform Sales Act.
Changes. — Rewritten.
1. This section corrects the phrasing of the Uniform Sales Act so as to avoid misconstruction and produce greater accuracy in commercial result. While it continues the essential intent and purpose of the Uniform Sales Act it rejects any purely verbalistic construction in disregard of the underlying reason of the provisions.
2. Under Subsection (1) the provisions of this article are applicable to transactions where the "price" of goods is payable in something other than money. This does not mean, however, that this whole article applies automatically and in its entirety simply because an agreed transfer of title to goods is not a gift. The basic purposes and reasons of the article must always be considered in determining the applicability of any of its provisions.
3. Subsection (2) lays down the general principle that when goods are to be exchanged for realty, the provisions of this article apply only to those aspects of the transaction which concern the transfer of title to goods but do not affect the transfer of the realty since the detailed regulation of various particular contracts which fall outside the scope of this article is left to the courts and other legislation. However, the complexities of these situations may be such that each must be analyzed in the light of the underlying reasons in order to determine the applicable principles. Local statutes dealing with realty are not to be lightly disregarded or altered by language of this article. In contrast, this article declares definite policies in regard to certain matters legitimately within its scope though concerned with real property situations, and in those instances the provisions of this article control.
Point 1: Section 1-102.
Point 3: Sections 1-102, 1-103, 1-104 and 2-107.
"Goods". Section 2-105.
"Money". Section 1-201.
"Party". Section 1-201.
"Seller". Section 2-103.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code §§ 73, 113.
Right of purchaser to opportunity to pay in cash where tender has been made in other medium, 23 A.L.R. 630, 46 A.L.R. 914.
Necessity of independent consideration to support a modification of the price in a contract of sale, 34 A.L.R. 511.
Validity and enforceability of contract which expressly leaves open terms of payment for future negotiation, 49 A.L.R. 1464.
33 C.J.S. Exchange of Property § 1; 77A C.J.S. Sales § 94 et seq.
