2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 4 - Bank Deposits and Collections
Section 55-4-111 - Statute of limitations.
An action to enforce an obligation, duty or right arising under this article must be commenced within three years after the cause of action accrues.
History: 1978 Comp., § 55-4-111, enacted by Laws 1992, ch. 114, § 166.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
This section conforms to the period of limitations set by Section 3-118(g) [55-3-118 NMSA 1978] for actions for breach of warranty and to enforce other obligations, duties or rights arising under Article 3. Bracketing "cause of action" recognizes that some states use a different term, such as "claim for relief."
Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.
Cross references. — For limitations of actions for obligations of party to pay note payable at definite time, see 55-3-118 NMSA 1978.
For limitations of actions generally, see 37-1-1 NMSA 1978 et seq.
For limitations of actions for contracts, see 37-1-23 NMSA 1978.
