New Mexico Statutes 55-2-511. Tender of payment by buyer; payment by check
Current as of: 2023 | Check for updates
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(1) Unless otherwise agreed tender of payment is a condition to the seller‘s duty to tender and complete any delivery.
Terms Used In New Mexico Statutes 55-2-511
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
- 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
(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time necessary to procure it.
(3) Subject to provisions of the Uniform Commercial Code on the effect of an instrument on an obligation (Section 55-3-310 N.M. Stat. Ann.), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.