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Can you summarize Article 2A, Chapter 55 NMSA?
Uniform Commercial Code > Leases
Short Summary
These legal documents, found in the New Mexico Statutes Annotated 1978 under the Uniform Commercial Code and specifically in the Leases section, govern lease contracts and clauses within lease contracts. They provide definitions for various terms used in lease contracts and address issues related to the choice of law and forum, waiver or renunciation of claims, unconscionability, and the territorial application of the article to goods covered by a certificate of title. The documents also reference definitions from other articles within the New Mexico Statutes Annotated 1978 that are applicable to this article. They aim to provide a comprehensive framework for understanding and interpreting lease-related terms and concepts within the context of the Uniform Commercial Code. The documents cover various aspects of lease contracts, including the formation and construction of lease contracts, risk of loss, exclusion or modification of warranties, express and implied warranties, third-party beneficiaries, insurance, identification of goods, default, and casualty to identified goods. They establish that lease contracts are generally effective and enforceable according to their terms between the parties involved, against purchasers of the goods, and against creditors of the parties. However, specific exemptions and exceptions apply in certain circumstances. The documents also clarify the rights and priorities of lessors and lessees when goods become accessions or fixtures, and outline the requirements and implications of transferring or delegating rights and duties in lease contracts. Additionally, the documents address the priority of liens, security interests, and claims in relation to lease contracts, as well as the rights of creditors. They provide important guidance and regulations for lessors, lessees, buyers, sublessees, creditors, and purchasers of goods involved in lease contracts in New Mexico.
Whom does it apply to?
Parties involved in lease contracts, including lessors, lessees, and suppliers
What does it govern?
Lease contracts and clauses within lease contracts
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New Mexico