New Mexico Statutes 54-1A-101. Definitions
As used in the Uniform Partnership Act (1994) N.M. Stat. Ann. § 54-1A-101 to 54-1A-1206:
Terms Used In New Mexico Statutes 54-1A-101
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Statute: A law passed by a legislature.
(1) “business” includes every trade, occupation and profession; (2) “debtor in bankruptcy” means a person who is the subject of:
(i) an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(ii) a comparable order under federal, state or foreign law governing insolvency;
(3) “distribution” means a transfer of money or other property from a partnership to a partner in the partner’s capacity as a partner or to the partner’s transferee;
(4) “foreign limited liability partnership” means a partnership that is formed under laws other than the laws of this state and has the status of a limited liability partnership under those laws;
(5) “limited liability partnership” means a partnership that has filed a statement of qualification under Section 54-1A-1001 N.M. Stat. Ann. and does not have a similar statement in effect in any other jurisdiction;
(6) “partnership” means an association of two or more persons to carry on as co- owners a business for profit formed under Section 54-1A-202 N.M. Stat. Ann., predecessor law, or comparable law of another jurisdiction, and includes a registered limited liability partnership;
(7) “partnership agreement” means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement;
(8) “partnership at will” means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking;
(9) “partnership interest” or “partner’s interest in the partnership” means all of a partner’s interests in the partnership, including the partner’s transferable interest and all management and other rights;
(10) “person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity;
(11) “property” means all property, real, personal or mixed, tangible or intangible, or any interest therein;
(12) “state” means a state of the United States, the District of Columbia, the commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States;
(13) “statement” means a statement of partnership authority under Section 54- 1A-303 NMSA 1978, a statement of denial under Section 54-1A-304 N.M. Stat. Ann., a statement of dissociation under Section 54-1A-704 N.M. Stat. Ann., a statement of dissolution under Section 54-1A-805 N.M. Stat. Ann., a statement of merger under section 54-1A-907 N.M. Stat. Ann., a statement of qualification under Section 54-1A-1001 N.M. Stat. Ann., a statement of foreign qualification under Section 54-1A-1102 N.M. Stat. Ann. or an amendment or cancellation of any of the foregoing; and
(14) “transfer” includes an assignment, conveyance, lease, mortgage, deed and encumbrance.