Chapter 55 — Chapter 55

(a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. (b) If a tangible bill of lading is lawfully issued in a set of parts, each of which co…

(a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (b) Upon request of any person entitled as against a ca…

An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor. History: 1953 Comp., § 50A-7-306, enacted by Laws 1961, ch. 96, § 7-306; 2005, ch. 144, § 72. OFFICIAL COMMENTS UCC Official Comments © by ALI & th…

(a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for …

(a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include…

(a) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods that a reasonably careful person would exercise under similar circumstances. This subsection does not affect any statute, regulation or rule…

issuer. The obligations imposed by Chapter 55, Article 7 NMSA 1978 on an issuer apply to a document of title even if: (1) the document does not comply with the requirements of Chapter 55, Article 7 NMSA 1978 or of any other statute, rule or regulation regarding its issuance, form…

A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts; overissue of documents for …

(a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with Subsections (b) and (c) of this section, unless and to the extent that the bailee establishes any of the following: (1) delivery of the goods to a person whose receipt …

of title. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to Chapter 55, Article 7 NMSA 1978 is not liable for the goods even if: (1) the person from which the bailee receive…

(a) The following rules apply to a negotiable tangible document of title: (1) if the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer…

(a) Subject to Sections 55-7-205 and 55-7-503 NMSA 1978, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (1) title to the document; (2) title to the goods; (3) all rights accruing under the law of agency or estoppel, including rights to…

(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not: (1) deliver or entrust the goods or any document of title covering the goods to the bailor …

diversion; stoppage of delivery. (a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey. (b) In the cas…

The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers. History: 1953 Comp., § 50A-7-505, enacted by Laws 1961, ch. 96, § 7-505; 2005, ch. 144, § 84. OFFICIAL COMMENTS UCC Official C…

indorsement. The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied. History: 1953 Comp., § 50A-…

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 55-7-508 NMSA 1978, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser…

A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collec…

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. History: 1953 Comp., § 50A-7-509, enacted by Laws 1961, ch. …

(a) If a document of title is lost, stolen or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the go…

document of title. Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document o…

If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either i…

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-701 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-701, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-702 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-702, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-703 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-703, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-704 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-704, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-705 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-705, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-706 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-706, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com. PART 8 BILLS OF LADING; SPECIAL PENALTY PROVISIONS

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-801 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-801, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-802 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-802, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-803 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-803, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-804 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-804, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-805 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-805, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-806 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-806, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 2005, ch. 144, § 113 repealed 55-7-807 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-807, effective January 1, 2006. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com. ARTICLE 8 Investment Securities UNIFORM COMMERCIAL CODE …

Chapter 55, Article 8 NMSA 1978 may be cited as the "Uniform Commercial Code - Investment Securities". History: 1978 Comp., § 55-8-101, enacted by Laws 1996, ch. 47, § 5. Purposes. This Article sets forth certain rights and duties of the issuers of and the parties that deal with …

(a) In this article: (1) "adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset; (2) "bearer form", as applied to a c…

interests are securities or financial assets. (a) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security. (b) An "investment company security" is a security. "Investment company security" means a share or si…

therein. (a) A person acquires a security or an interest therein, under this article, if: (1) the person is a purchaser to whom a security is delivered pursuant to Section 55-8-301 NMSA 1978; or (2) the person acquires a security entitlement to the security pursuant to Section 55…

(a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the ex…

(a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser and: (1) the …

effective. (a) "Appropriate person" means: (1) with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security; (2) with respect to an instruction, the registered owner of an uncertificated secur…

(a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser that: (1) the certificate is genuine and has not been materially altered; (2) the transfe…

(a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of t…

(a) The local law of the issuer's jurisdiction, as specified in Subsection (d) of this section, governs: (1) the validity of a security; (2) the rights and duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration of transfer by the issu…

A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this act and affects another party who does not consent to the rule. History: 197…

(a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in Subsection (d). However, a certificated security for which the cer…

A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within…

The following rules apply in an action on a certificated security against the issuer: (1) unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted; (2) if the effectiveness of a signature is put in issue, the …

claimant. A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adv…