2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases
Section 55-2A-502 - Notice after default.
Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
History: 1978 Comp., § 55-2A-502, enacted by Laws 1992, ch. 114, § 57.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source: — None.
Purposes: — This section makes clear that absent agreement to the contrary or provision in this Article to the contrary, e.g., Section 2A-516(3)(a) [55-2A-516 NMSA 1978], the party in default is not entitled to notice of default or enforcement. While a review of Part 5 of Article 9 leads to the same conclusion with respect to giving notice of default to the debtor, it is never stated. Although Article 9 requires notice of disposition and strict foreclosure, the different scheme of lessors' and lessees' rights and remedies developed under the common law, and codified by this Article, generally does not require notice of enforcement; furthermore, such notice is not mandated by due process requirements. However, certain sections of this Article do require notice. E.g., Section 2A-517(2) [55-2A-517 NMSA 1978].
Cross References: — Sections 2A-516(3)(a), 2A-517(2), and Article 9, esp. Part 5 [55-2A-516 and 55-2A-517 NMSA 1978].
"Lease agreement". Section 2A-103(1)(k) [55-2A-103 NMSA 1978].
"Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978].
"Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978].
"Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978].
"Notice". Section 1-201(25) [55-1-201 NMSA 1978].
"Party". Section 1-201(29) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 57 effective July 1, 1992.
