New Mexico Statutes 55-2A-102 v2. Scope. (Effective January 1, 2024.)
(1) This article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in Subsection (2) of this section.
Terms Used In New Mexico Statutes 55-2A-102 v2
- finance lease: means a lease with respect to which:
(i) the lessor does not select, manufacture or supply the goods. See New Mexico Statutes 55-2A-103
- goods: means all things that are movable at the time of identification to the lease contract or are fixtures (Section 55-2A-309 N. See New Mexico Statutes 55-2A-103
- hybrid lease: means a single transaction involving a lease of goods and: (i) the provision of services. See New Mexico Statutes 55-2A-103 v2
- lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See New Mexico Statutes 55-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lessee: means a person who acquires the right to possession and use of goods under a lease. See New Mexico Statutes 55-2A-103
(2) In a hybrid lease:
(a) if the lease-of-goods aspects do not predominate:
(i) only the provisions of this article that relate primarily to the lease-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply;
(ii) Section 55-2A-209 N.M. Stat. Ann. applies if the lease is a finance lease; and
(iii) Section 55-2A-407 N.M. Stat. Ann. applies to the promises of the lessee in a finance lease to the extent that the promises are consideration for the right to possession and use of the leased goods; and
(b) if the lease-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 lease that do not relate to the lease of goods.