New Mexico Statutes
§ 55-1-305 — Remedies to be liberally administered
(a)The remedies provided by the Uniform Commercial Code [55-1-101 NMSA 1978] must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform Commercial Code or by other rule of law.
(b)Any right or obligation declared by the Uniform Commercial Code is enforceable by action unless the provision declaring it specifies a different and limited effect.
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Legislative History
1953 Comp., § 50A-1-106, enacted by Laws 1961, ch. 96, § 1-106; 1978
Nearby Sections
15
§ 55-1-101
Short titles§ 55-1-102
Scope of article§ 55-1-104
Construction against implicit repeal§ 55-1-105
Severability§ 55-1-106
Use of singular and plural; gender§ 55-1-107
Section captions§ 55-1-109
Repealed§ 55-1-110
Repealed§ 55-1-201
General definitions§ 55-1-202
Notice; knowledge§ 55-1-204
Value§ 55-1-205
Reasonable time; seasonableness