New Mexico Statutes 55-2A-522. Lessee’s right to goods on lessor’s insolvency
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(1) Subject to Subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 55-2A-217 N.M. Stat. Ann.) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security.
Terms Used In New Mexico Statutes 55-2A-522
- Contract: A legal written agreement that becomes binding when signed.
- goods: means all things that are movable at the time of identification to the lease contract or are fixtures (Section 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: 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 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
(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.