New Mexico Statutes 55-2-102 v2. Scope; certain security and other transactions excluded from this article. (Effective January 1, 2024.)
(1) Unless the context otherwise requires, and except as provided in Subsection (3) of this section, this article applies to transactions in goods and, in the case of a hybrid transaction, it applies to the extent provided in Subsection (2) of this section.
Terms Used In New Mexico Statutes 55-2-102 v2
- Contract: A legal written agreement that becomes binding when signed.
- Hybrid transaction: means a single transaction involving a sale of goods and: (a) . See New Mexico Statutes 55-2-106 v2
- present sale: means a sale which is accomplished by the making of the contract. See New Mexico Statutes 55-2-106
- Statute: A law passed by a legislature.
(2) In a hybrid transaction:
(a) if the sale-of-goods aspects do not predominate, only the provisions of this article that relate primarily to the sale-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply; and
(b) if the sale-of-goods aspects predominate, this article applies to the transaction but does not preclude application in appropriate circumstances of other law to aspects of the transaction that do not relate to the sale of goods.
(3) This article does not:
(a) apply to a transaction that, even though in the form of an unconditional contract to sell or present sale, operates only to create a security interest; or
(b) impair or repeal a statute regulating sales to consumers, farmers or other specified classes of buyers.