(a) In N.M. Stat. Ann. Chapter 55, Article 4, unless the context otherwise requires: (1)     “account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit;

Terms Used In New Mexico Statutes 55-4-104

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

(2)     “afternoon” means the period of a day between noon and midnight;

(3)     “banking day” means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

(4)     “clearinghouse” means an association of banks or other payors regularly clearing items;

(5)     “customer” means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;

(6)     “documentary draft” means a draft to be presented for acceptance or payment if specified documents, certificated securities pursuant to Section 55-8-102 N.M. Stat. Ann. or instructions for uncertificated securities pursuant to Section 55-8-102 N.M. Stat. Ann. or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the drafts;

(7)     “draft” means a draft as defined in Section 55-3-104 N.M. Stat. Ann. or an item, other than an instrument, that is an order;

(8)     “drawee” means a person ordered in a draft to make payment;

(9)     “item” means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by N.M. Stat. Ann. Chapter 55, Article 4A or a credit or debit card slip;

(10)    “midnight deadline” with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;

(11)    “settle” means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance or otherwise as agreed. A settlement may be either provisional or final; and

(12)    “suspends payments” with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.

(b) Other definitions applying to N.M. Stat. Ann. Chapter 55, Article 4 and the sections in which they appear are:

“agreement for electronic presentment”                                         Section 55-4-110 N.M. Stat. Ann.;

“banking”                                                 Section 55-4-105 N.M. Stat. Ann.;

“collecting bank”                                     Section 55-4-105 N.M. Stat. Ann.; “depositary bank”                                     Section 55-4-105 N.M. Stat. Ann.; “intermediary bank”                                 Section 55-4-105 N.M. Stat. Ann.; “payor bank”                                            Section 55-4-105 N.M. Stat. Ann.; “presenting bank”                                     Section 55-4-105 N.M. Stat. Ann.; and “presentment notice”                                Section 55-4-110 N.M. Stat. Ann..

(c) “Control”, as provided in Section 55-7-106 N.M. Stat. Ann., and the following definitions in other articles apply to N.M. Stat. Ann. Chapter 55, Article 4:

“acceptance”                                            Section 55-3-409 N.M. Stat. Ann.; “alteration”                                                Section 55-3-407 N.M. Stat. Ann.; “cashier’s check”                                     Section 55-3-104 N.M. Stat. Ann.; “certificate of deposit”                             Section 55-3-104 N.M. Stat. Ann.; “certified check”                                     Section 55-3-409 N.M. Stat. Ann.; “check”                                                     Section 55-3-104 N.M. Stat. Ann.; “holder in due course”                             Section 55-3-302 N.M. Stat. Ann.; “instrument”                                             Section 55-3-104 N.M. Stat. Ann.; “notice of dishonor”                                 Section 55-3-503 N.M. Stat. Ann.; “order”                                                     Section 55-3-103 N.M. Stat. Ann.; “ordinary care”                                         Section 55-3-103 N.M. Stat. Ann.; “person entitled to enforce”                     Section 55-3-301 N.M. Stat. Ann.; “presentment”                                         Section 55-3-501 N.M. Stat. Ann.; “promise”                                                 Section 55-3-103 N.M. Stat. Ann.; “prove”                                                     Section 55-3-103 N.M. Stat. Ann.; “teller’s check”                                         Section 55-3-104 N.M. Stat. Ann.; and “unauthorized signature”                         Section 55-3-403 N.M. Stat. Ann..

(d) In addition, N.M. Stat. Ann. Chapter 55, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.