New Mexico Statutes
§ 55-2A-510 — Installment lease contracts; rejection and default
New Mexico § 55-2A-510
This text of New Mexico § 55-2A-510 (Installment lease contracts; rejection and default) 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. § 55-2A-510 (2026).
Text
(1)Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within Subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery.
(2)Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or bring
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Legislative History
1978 Comp., § 55-2A-510, enacted by Laws 1992, ch. 114, § 65.
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Repealed§ 55-1-110
Repealed§ 55-1-201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; seasonablenessCite This Page — Counsel Stack
Bluebook (online)
New Mexico § 55-2A-510, Counsel Stack Legal Research, https://law.counselstack.com/statute/nm/55/55-2A-510.