Terms Used In New Mexico Statutes > Chapter 55 > Article 2A > Part 5

• commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See New Mexico Statutes 55-2A-103
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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.
• Fiduciary: A trustee, executor, or administrator.
• 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

• 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
• installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. 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
• 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
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• lot: means a parcel or a single article that is the subject matter of a separate lease or delivery whether or not it is sufficient to perform the lease contract. See New Mexico Statutes 55-2A-103
• merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the 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.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See New Mexico Statutes 55-2A-103
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• 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