New Mexico § 55-2A-522 Lessee's right to goods on lessor's insolvency

New Mexico Statutes

§ 55-2A-522 — Lessee's right to goods on lessor's insolvency

New Mexico § 55-2A-522

Ch. 55Uniform Commercial Code

Art. 2ALeases

This text of New Mexico § 55-2A-522 (Lessee's right to goods on lessor's insolvency) 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-522 (2026).

Text

(1)Subject to Subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 55-2A-217 NMSA 1978) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security.

(2)A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.

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(1) Subject to Subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 55-2A-217 NMSA 1978) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security. (2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.