2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2 - Sales
Section 55-2-514 - When documents deliverable on acceptance; when on payment.
Unless otherwise agreed, documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.
History: 1953 Comp., § 50A-2-514, enacted by Laws 1961, ch. 96, § 2-514.
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. — Section 41, Uniform Bills of Lading Act.
Changes. — Rewritten.
Purposes of changes. — To make the provision one of general application so that:
1. It covers any document against which a draft may be drawn, whatever may be the form of the document, and applies to interpret the action of a seller or consignor insofar as it may affect the rights and duties of any buyer, consignee or financing agency concerned with the paper. Supplementary or corresponding provisions are found in Sections 4-503 and 5-112.
2. An "arrival" draft is a sight draft within the purpose of this section.
Cross references. — Point 1: See Sections 2-502, 2-505(2), 2-507(2), 2-512, 2-513, 2-607 concerning protection of rights of buyer and seller, and 4-503 and 5-112 on delivery of documents.
"Delivery". Section 1-201.
"Draft". Section 3-104.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 13 Am. Jur. 2d Carriers § 311.
Damages for bank's breach of duty in surrendering attached bill of lading before payment of draft held for collection, 19 A.L.R. 555, 67 A.L.R. 1511.
77A C.J.S. Sales § 189 et seq.
