2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 7 - Documents of Title
Section 55-7-201 - Person that may issue a warehouse receipt; storage under bond.

(a) A warehouse receipt may be issued by any warehouse.

(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.

History: 1953 Comp., § 50A-7-201, enacted by Laws 1961, ch. 96, § 7-201; 2005, ch. 144, § 57.

OFFICIAL COMMENTS

UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

Prior Uniform Statutory Provision. — Former Section 7-201 [55-7-201 NMSA 1978].

Changes. — Update for style only.

It is not intended by re-enactment of subsection (a) to repeal any provisions of special licensing or other statutes regulating who may become a warehouse. Limitations on the transfer of the receipts and criminal sanctions for violation of such limitations are not impaired. Section 7-103 [55-7-103 NMSA 1978]. Compare Section 7-401(4) [55-7-401 NMSA 1978] on the liability of the issuer in such cases. Subsection (b) covers receipts issued by the owner for whiskey or other goods stored in bonded warehouses under such statutes as 26 U.S.C. Chapter 51.

Cross References. — Sections 7-103 [55-7-103 NMSA 1978], 7-401 [55-7-401 NMSA 1978].

"Warehouse receipt". Section 1-201 [55-1-201 NMSA 1978].

"Warehouse". Section 7-102 [55-7-102 NMSA 1978].

Repeals and reenactments. — Laws 2005, ch. 144, § 57 repealed former 55-7-201 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-201, and enacted a new section, effective January 1, 2006.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 48; 68A Am. Jur. 2d Secured Transactions § 109; 78 Am. Jur. 2d Warehouses §§ 42, 44.

Uniform Warehouse Receipts Act as affecting liens on the property represented by the receipts, 61 A.L.R. 949.

Relationship of bailor and bailee as between owner of goods in bonded warehouse and proprietor of warehouse, 77 A.L.R. 1502.

Legal effect of transaction by which grain or other commodity is received for storage by one who has not complied with statutory conditions necessary to become public warehouseman, 108 A.L.R. 928.

Statutory warehousing as determined by character of property stored, 132 A.L.R. 532.

Validity of field warehousing, 133 A.L.R. 209.

Estoppel of owner who permits another to have possession of certificates or other evidences of title, of personal property endorsed in blank or otherwise showing ownership in possessor, to deny latter's authority to deal with, the property, 151 A.L.R. 690.

Warehouseman's liability for loss occasioned by failure to issue a proper receipt to depositor, 168 A.L.R. 945.

93 C.J.S. Warehousemen and Safe Depositaries § 17.