New Mexico Statutes 55-2-502. Buyer’s right to goods on seller’s repudiation, failure to deliver or insolvency
(1) Subject to Subsections (2) and (3) of this section and even though the goods have not been shipped, a buyer who has paid a part or all of the price of goods in which he has a special property under the provisions of the immediately preceding section may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if:
Terms Used In New Mexico Statutes 55-2-502
- buyer: means a person who buys or contracts to buy goods. See New Mexico Statutes 55-2-103
- Contract: A legal written agreement that becomes binding when signed.
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See New Mexico Statutes 55-2-106
- seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
(a) in the case of goods bought for personal, family or household purposes, the seller repudiates or fails to deliver as required by the contract; or
(b) in all cases, the seller becomes insolvent within ten days after receipt of the first installment on their price.
(2) The buyer’s right to recover goods pursuant to Paragraph (a) of Subsection (1) of this section vests upon acquisition of a special property even if the seller has not then repudiated or failed to deliver.
(3) If the identification creating his special property has been made by the buyer he acquires the right to recover the goods only if they conform to the contract for sale.