New Mexico Statutes
§ 56-8-21 — Usury; corporations and limited partnerships
A.No corporation shall plead, enforce a remedy, counterclaim, set off or set up the defense of usury to any action brought against it to recover damages or shall enforce a remedy for usury on any obligation executed by the corporation.
B.No limited partnership, limited partner or general partner of a limited partnership, shall plead or set up the defense of usury in any action brought against it or him on a limited partnership obligation. No limited partnership, limited partner or general partner of a limited partnership shall enforce a remedy for usury on any limited partnership obligation.
C.This section shall apply to a transaction in which a corporation or a limited partnership is debtor regardless of the purpose for which the corporation or limited partnership was formed.
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Legislative History
1953 Comp., § 50-6-26, enacted by Laws 1975, ch. 171, § 1.
Nearby Sections
15
§ 56-1-1
Definitions§ 56-1-10
Injunction to prevent violation§ 56-1-11
Consent to discontinuance§ 56-1-12
Violation of injunction; penalty§ 56-1-13
Contracts executed prior to act§ 56-1-16
Variable rates§ 56-1-2.1
Repealed§ 56-1-3
Retail charge agreements§ 56-1-3.1
Repealed§ 56-1-4
Insurance§ 56-1-5
Prohibited provisions§ 56-1-6
Assignment