Terms Used In New Mexico Statutes > Chapter 55 > Article 2A > Part 2

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose. See New Mexico Statutes 55-2A-103
• Contract: A legal written agreement that becomes binding when signed.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• fault: means wrongful act, omission, breach or default. See New Mexico Statutes 55-2A-103
• 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
• 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}
• lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances, including course of dealing or usage or trade or course of performance as provided in this article. See New Mexico Statutes 55-2A-103
• lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See New Mexico Statutes 55-2A-103
• leasehold interest: means the interest of the lessor or the lessee under a lease contract. See New Mexico Statutes 55-2A-103
• lessee: means a person who acquires the right to possession and use of goods under a lease. See New Mexico Statutes 55-2A-103
• lessor: means a person who transfers the right to possession and use of goods under a lease. See New Mexico Statutes 55-2A-103
• 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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Statute: A law passed by a legislature.
• supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See New Mexico Statutes 55-2A-103
• supply contract: means a contract under which a lessor buys or leases goods to be leased. See New Mexico Statutes 55-2A-103
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.