New Mexico Statutes 14-16-3. Scope
A. Except as otherwise provided in Subsection B of this section, the Uniform Electronic Transactions Act applies to electronic records and electronic signatures relating to a transaction.
Terms Used In New Mexico Statutes 14-16-3
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
B. The Uniform Electronic Transactions Act does not apply to: (1) a transaction to the extent it is governed by:
(a) a law governing the creation and execution of wills, codicils or testamentary trusts;
(b) the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55], other than Chapter 55, Articles 2 and 2A NMSA 1978; or
(c) court orders, notices or official court documents, including briefs, pleadings and other records, required to be executed in connection with court proceedings;
(2) a notice concerning:
(a) the cancellation or termination of utility services, including water, gas, heat or power services;
(b) default, acceleration, repossession, foreclosure, eviction or the right to cure, under a credit agreement secured by or a rental agreement for a primary residence of an individual; or
(c) the cancellation or termination of health insurance or benefits or life insurance or benefits, but not including annuities; or
(3) any document required to accompany any transportation or handling of hazardous materials, pesticides or other toxic or dangerous materials.
C. The Uniform Electronic Transactions Act applies to an electronic record or electronic signature otherwise excluded from the application of that act under Subsection B of this section to the extent it is governed by a law other than those specified in Subsection B of this section.
D. A transaction subject to the Uniform Electronic Transactions Act is also subject to other applicable substantive law.