2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 3 - Negotiable Instruments
Section 55-3-111 - Place of payment.
Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker.
History: 1978 Comp., § 55-3-111, enacted by Laws 1992, ch. 114, § 98.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
If an instrument is payable at a bank in the United States, Section 3-501(b)(1) [55-3-501 NMSA 1978] states that presentment must be made at the place of payment, i.e. the bank. The place of presentment of a check is governed by Regulation CC § 229.36.
Repeals. — Laws 1992, ch. 114, § 237 repealed former 55-3-111 NMSA 1978, as enacted by Laws 1961, ch. 96, § 3-111, relating to payable to bearer, effective July 1, 1992. Laws 1992, ch. 114, § 98, enacted a new section, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 55-3-109 NMSA 1978.
