New Mexico Statutes 55-12-102 v2. Definitions. (Effective January 1, 2024.)
(a) As used in N.M. Stat. Ann. Chapter 55, Article 12:
Terms Used In New Mexico Statutes 55-12-102 v2
- 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
(1) “controllable electronic record” means a record stored in an electronic medium that can be subjected to control pursuant to Section 55-12-105 N.M. Stat. Ann.. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property or a transferable record;
(2) “qualifying purchaser” means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record;
(3) “transferable record” has the meaning provided for that term in:
(A) Section 201(a)(1) of the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7021(a)(1), as amended; or
(B) Subsection (a) of Section 14-16-16 N.M. Stat. Ann.; and
(4) “value” has the meaning provided in Subsection (a) of Section 55-3-303 N.M. Stat. Ann. as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record or controllable payment intangible.
(b) The definitions in Article 9 of the Uniform Commercial Code of “account debtor”, “controllable account”, “controllable payment intangible”, “chattel paper”, “deposit account”, “electronic money” and “investment property” apply to Sections 55-12-101 through 55-12-106 N.M. Stat. Ann..
(c) Article 1 of the Uniform Commercial Code contains general definitions and principles of construction and interpretation applicable throughout Sections 55-12-101 through 55-12-106 N.M. Stat. Ann..