Section 55-1-306 - Waiver or renunciation of claim or right after breach

A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in a signed record.History: 1953 Comp., § 50A-1-107, enacted by Laws 1961, ch. 96, § 1-107, § 50A-1-107, enacted by Laws 1961, ch. 96, § 1-107; 1978 Comp. §55-1-107; recompiled by compiler as 1978 Comp. § 55-1-306; Laws 2005, ch. 144, § 20; 2023, ch. 142, § 4. OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Source. — Former Section 1-107 [55-1-107 NMSA 1978]. Changes from former law. — Former Section 1-107, requiring the 'delivery' of a 'written waiver or renunciation' merged the separate concepts of the aggrieved party's agreement to forego rights and the manifestation of that agreement. This section separates those concepts, and explicitly requires agreement of the aggrieved party. 1. This section makes consideration unnecessary to the effective renunciation or waiver of rights or claims arising out of an alleged breach of a contract where the agreement effecting such renunciation is memorialized in a record signed by the aggrieved party.

ve renunciation or waiver of rights or claims arising out of an alleged breach of a contract where the agreement effecting such renunciation is memorialized in a record signed by the aggrieved party. Its provisions, however, must be read in conjunction with the section imposing an obligation of good faith. (Section 1-304 [55-1-304 NMSA 1978]).2. Consistent with the revised definition of 'sign' in Section 1-201 [55-1-201 NMSA 1978], the cognate term 'signed' replaces the reference to 'authenticated' in the pre-2022 text of this section. ANNOTATIONSCompiler's notes. — Laws 2005, ch. 144, § 20, effective January 1, 2006, enacted a new 55-1-306 NMSA 1978 relating to waiver or renunciation of claim or right after breach. The substance of former 55-1-107 NMSA 1978 relating to waiver or renunciation of claim or right after breach, has been enacted as a new 55-1-306 NMSA 1978 by Laws 2005, ch. 144, § 20. For repeal and reenactment of a law that is not a new enactment, see 12-2A-14 NMSA 1978. For provisions of former 55-1-107 NMSA 1978, see the 2004 NMSA 1978 on NMOneSource.com. The 2023 amendment, effective January 1, 2024, allowed an aggrieved party to discharge a claim or right arising

For provisions of former 55-1-107 NMSA 1978, see the 2004 NMSA 1978 on NMOneSource.com. The 2023 amendment, effective January 1, 2024, allowed an aggrieved party to discharge a claim or right arising out of an alleged breach by agreement in a signed record; and after 'aggrieved party in', deleted 'an authenticated' and added 'a signed'.