Terms Used In New Mexico Statutes > Chapter 55 > Article 2A > Part 3

• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fraud: Intentional deception resulting in injury to another.
• 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
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See New Mexico Statutes 55-2A-103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. See New Mexico Statutes 55-2A-103
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Statute: A law passed by a legislature.
• sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See New Mexico Statutes 55-2A-103