2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases
Section 55-2A-532 - Lessor's rights to residual interest.
In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee.
History: 1978 Comp., § 55-2A-532, enacted by Laws 1992, ch. 114, § 87.
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.
This section recognizes the right of the lessor to recover under this Article (as well as under other law) from the lessee for failure to comply with the lease obligations as to the condition of leased goods when returned to the lessor, for failure to return the goods at the end of the lease, or for any other default which causes loss or injury to the lessor's residual interest in the goods.
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 87 effective July 1, 1992.
