New Mexico Statutes 57-11-13. [Definitions.]
Current as of: 2023 | Check for updates
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A. The term “person,” as used in this act N.M. Stat. Ann. § 57-11-1 to 57-11-13, means any individual, firm, corporation, partnership, association, trustee, receiver or assignee for the benefit of creditors.
Terms Used In New Mexico Statutes 57-11-13
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Trustee: A person or institution holding and administering property in trust.
B. The terms “sell,” “sold,” “buy” and “purchase,” as used in this act, include exchange, barter, gift and offer or contract to sell or buy.