2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 3 - Negotiable Instruments
Section 55-3-107 - Instrument payable in foreign money.
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
History: 1978 Comp., § 55-3-107, enacted by Laws 1992, ch. 114, § 94.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
The definition of instrument in Section 3-104 [55-3-104 NMSA 1978] requires that the promise or order be payable in "money." That term is defined in Section 1-201(24) [55-1-201 NMSA 1978] and is not limited to United States dollars. Section 3-107 [55-3-107 NMSA 1978] states that an instrument payable in foreign money may be paid in dollars if the instrument does not prohibit it. It also states a conversion rate which applies in the absence of a different conversion rate stated in the instrument. The reference in former Section 3-107(1) [55-3-107 NMSA 1978] to instruments payable in "currency" or "current funds" has been dropped as superfluous.
Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-107 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-107, relating to money, effective July 1, 1992. Laws 1992, ch. 114, § 94, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
