Chapter 55, Article 9 NMSA 1978 does not require a bank to enter into an agreement of the kind described in Paragraph (2) of Subsection (a) of Section 55-9-104 NMSA 1978, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. History: 1978 Comp., § 55-9-342, enacted by Laws 2001, ch. 139, § 62.OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New; derived from section 8-106(g). 2. Protection for Bank. This section protects banks from the need to enter into agreements against their will and from the need to respond to inquiries from persons other than their customers. ANNOTATIONSEffective dates. — Laws 2001, ch. 139, § 155 makes the act effective July 1, 2001.
New Mexico Legal Code