2019 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2 - Sales
Part 5 - PERFORMANCE
Section 55-2-514 - When documents deliverable on acceptance; when on payment.

Universal Citation: NM Stat § 55-2-514 (2019)

Unless otherwise agreed, documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.

History: 1953 Comp., § 50A-2-514, enacted by Laws 1961, ch. 96, § 2-514.

ANNOTATIONS

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. — Section 41, Uniform Bills of Lading Act.

Changes. — Rewritten.

Purposes of changes. — To make the provision one of general application so that:

1. It covers any document against which a draft may be drawn, whatever may be the form of the document, and applies to interpret the action of a seller or consignor insofar as it may affect the rights and duties of any buyer, consignee or financing agency concerned with the paper. Supplementary or corresponding provisions are found in Sections 4-503 and 5-112.

2. An "arrival" draft is a sight draft within the purpose of this section.

Cross references. — Point 1: See Sections 2-502, 2-505(2), 2-507(2), 2-512, 2-513, 2-607 concerning protection of rights of buyer and seller, and 4-503 and 5-112 on delivery of documents.

"Delivery". Section 1-201.

"Draft". Section 3-104.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 13 Am. Jur. 2d Carriers § 311.

Damages for bank's breach of duty in surrendering attached bill of lading before payment of draft held for collection, 19 A.L.R. 555, 67 A.L.R. 1511.

77A C.J.S. Sales § 189 et seq.

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.