New Mexico § 55-1-103 Construction of Uniform Commercial Code to promote its

New Mexico Statutes

§ 55-1-103 — Construction of Uniform Commercial Code to promote its

New Mexico § 55-1-103

Ch. 55Uniform Commercial Code

Art. 1General Provisions

This text of New Mexico § 55-1-103 (Construction of Uniform Commercial Code to promote its) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 55-1-103 (2026).

Text

purposes and policies; applicability of supplemental principles of law.

(a)The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are:

(1)to simplify, clarify and modernize the law governing commercial transactions;

(2)to permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and (3) to make uniform the law among the various jurisdictions.

(b)Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy and other validating or invalidating cause, supplem

Free access — add to your briefcase to read the full text and ask questions with AI

purposes and policies; applicability of supplemental principles of law. (a) The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are: (1) to simplify, clarify and modernize the law governing commercial transactions; (2) to permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and (3) to make uniform the law among the various jurisdictions. (b) Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy and other validating or invalidating cause, supplement its provisions.