55-7-509: Adequate compliance with commercial contract.

Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease or the conditions of a letter of credit is determined by Article 2, 2A or 5 of the Uniform Commercial Code.

OFFICIAL COMMENTS

UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

Prior Uniform Statutory Provision. - Former Section 7-509 [55-7-509 NMSA 1978].

Changes. - To reference Article 2A.

To cross-refer to the Articles of this Act which deal with the substantive issues of the type of document of title required under the contract entered into by the parties.

Cross References. - Articles 2, 2A and 5.

"Contract for sale". Section 2-106 [55-2-106 NMSA 1978].

"Document of title". Section 1-201 [55-1-201 NMSA 1978].

"Lease". Section 2A-103 [55-2A-103 NMSA 1978].