(1) A 'person in the position of a seller' includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller. (2) A person in the position of a seller may as provided in this article withhold or stop delivery (Section 2-705 [55-2-705 NMSA 1978]) and resell (Section 2-706 [55-2-706 NMSA 1978]) and recover incidental damages (Section 2-710 [55-2-710 NMSA 1978]). History: 1953 Comp., § 50A-2-707, enacted by Laws 1961, ch. 96, § 2-707. OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Prior uniform statutory provision. — Section 52(2), Uniform Sales Act. Changes. — Rewritten. Purposes of changes. — To make it clear that: In addition to following in general the prior uniform statutory provision, the case of a financing agency which has acquired documents by honoring a letter of credit for the buyer or by discounting a draft for the seller has been included in the term 'a person in the position of a seller.' Cross reference. ich has acquired documents by honoring a letter of credit for the buyer or by discounting a draft for the seller has been included in the term 'a person in the position of a seller.' Cross reference. — Article 5, Section 2-506. 'Consignee'. Section 7-102. 'Consignor'. Section 7-102. 'Goods'. Section 2-105. 'Security interest'. Section 1-201. 'Seller'. Section 2-103. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 50 Am. Jur. 2d Letters of Credit and Credit Cards § 75 et seq.; 68A Am. Jur. 2d Secured Transactions § 13. Factor's liability based on delay in marketing and selling principal's goods, 3 A.L.R.3d 815. 77A C.J.S. Sales § 325 et seq.
New Mexico Legal Code