New Mexico § 55-2A-102 Scope

New Mexico Statutes

§ 55-2A-102 — Scope

New Mexico·Ch. 55 Uniform Commercial Code·Art. 2A Leases

(1)This article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in Subsection (2) of this section.

(2)In a hybrid lease:

(a)if the lease-of-goods aspects do not predominate:

(i)only the provisions of this article that relate primarily to the lease-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply;

(ii)Section 55-2A-209 NMSA 1978 applies if the lease is a finance lease; and (iii) Section 55-2A-407 NMSA 1978 applies to the promises of the lessee in a finance lease to the extent that the promises are consideration for the right to possession and use of the leased goods; and (b) if the lease-of-goods aspects predominate, th

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(1) This article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in Subsection (2) of this section. (2) In a hybrid lease: (a) if the lease-of-goods aspects do not predominate: (i) only the provisions of this article that relate primarily to the lease-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply; (ii) Section 55-2A-209 NMSA 1978 applies if the lease is a finance lease; and (iii) Section 55-2A-407 NMSA 1978 applies to the promises of the lessee in a finance lease to the extent that the promises are consideration for the right to possession and use of the leased goods; and (b) if the lease-of-goods aspects predominate, this article applies to the transaction, but does not preclude application in appropriate circumstances of other law to aspects of the lease that do not relate to the lease of goods.

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