(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 NMSA 1978) 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.
(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.
UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source: — Section 2-502 [ 55-2-502 NMSA 1978].
Changes: — Revised to reflect leasing practices and terminology.
"Conforming". Section 2A-103(1)(d) [ 55-2A-103 NMSA 1978].
"Goods". Section 2A-103(1)(h) [ 55-2A-103 NMSA 1978].
"Insolvent". Section 1-201(23) [ 55-1-201 NMSA 1978].
"Lease contract". Section 2A-103(1)(l) [ 55-2A-103 NMSA 1978].
"Lessee". Section 2A-103(1)(n) [ 55-2A-103 NMSA 1978].
"Lessor". Section 2A-103(1)(p) [ 55-2A-103 NMSA 1978].
"Receipt". Section 2-103(1)(c) [ 55-2-103 NMSA 1978].
"Rights". Section 1-201(36) [ 55-1-201 NMSA 1978].