New Mexico Statutes 57-10-2. Definitions
As used in the Distress Sales Act:
Terms Used In New Mexico Statutes 57-10-2
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A. “distress merchandise sale” shall mean any offer to sell to the public, or sale to the public, of goods, wares or merchandise on the implied or direct representation that such sale is in anticipation of the termination of a business at its present location or that the sale is being held other than in the ordinary course of business. Distress merchandise sales shall include but are not limited to any sale advertised either specifically or in substance as a “fire sale,” “smoke and water damage sale,” “adjustment sale,” “liquidation sale,” “creditor’s sale,” “insolvent sale,” “trustee’s sale,” “bankrupt sale,” “save us from bankruptcy sale,” “insurance salvage sale,” “mortgage sale,” “assignee’s sale,” “adjuster’s sale,” “must vacate sale,” “quitting business sale,” “receiver’s sale,” “loss of lease sale,” “forced out of business sale,” “removal sale,” “change of ownership sale” or “new location sale.” B. “person” means any individual, estate, trust, receiver, cooperative association, association, club, corporation, company, firm, partnership, joint venture, syndicate or other entity.