{"data":{"id":"us-nm/55-2a-302","jurisdiction":"us-nm","citation":"55-2A-302","heading":"Title to and possession of goods.","body":"Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent.\nOFFICIAL COMMENTS\nUCC Official Comments © by ALI \u0026 the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.\nUniform Statutory Source: - Section 9-202 [55-9-202 NMSA 1978].\nChanges: - Section 9-202 [55-9-202 NMSA 1978] was modified to reflect leasing terminology and to clarify the law of leases with respect to fraudulent conveyances or transfers.\nPurposes: - The separation of ownership and possession of goods between the lessor and the lessee (or a third party) has created problems under certain fraudulent conveyance statutes. See, e.g., In re Ludlum Enters., 510 F.2d 996 (5th Cir. 1975); Suburbia Fed. Sav. \u0026 Loan Ass'n v. Bel-Air Conditioning Co., 385 So.2d 1151 (Fla.Dist.Ct.App.1980). This section provides, among other things, that separation of ownership and possession per se does not affect the enforceability of the lease contract. Sections 2A-301 and 2A-308 [55-2A-301 and 55-2A-308 NMSA 1978, respectively].\nCross References: - Sections 2A-301, 2A-308 and 9-202 [55-2A-301, 55-2A-308 and 55-9-202 NMSA 1978, respectively].\n\"Goods\". Section 2A-103(1)(h) [55-2A-103 NMSA 1978].\n\"Lessee\". Section 2A-103(1)(n) [55-2A-103 NMSA 1978].\n\"Lessor\". Section 2A-103(1)(p) [55-2A-103 NMSA 1978].","path":["Chapter 55 - Uniform Commercial Code","ARTICLE 2A Leases"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18558/index.do","current_through":"2024-04-27","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"37a35d82921041fd61137acf669468e4c08e93fe651bd244acbc78a487c646ae","source_id":"us-nm","stale":false,"prev":"us-nm/55-2a-301","next":"us-nm/55-2a-303"},"notice":"GroundRules: Original legal text. Not legal advice."}