Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent. History: 1978 Comp., § 55-2A-302, enacted by Laws 1992, ch. 114, § 39. OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 9-202 [55-9-202 NMSA 1978]. Changes: — Section 9-202 [55-9-202 NMSA 1978] was modified to reflect leasing terminology and to clarify the law of leases with respect to fraudulent conveyances or transfers. Purposes: — The separation of ownership and possession of goods between the lessor and the lessee (or a third party) has created problems under certain fraudulent conveyance statutes. See, e.g., In re Ludlum Enters. , 510 F.2d 996 (5th Cir. 1975); Suburbia Fed. Sav. & Loan Ass'n v. Bel-Air Conditioning Co. , 385 So.2d 1151 (Fla.Dist.Ct.App.1980). This section provides, among other things, that separation of ownership and possession per se does not affect the enforceability of the lease contract. Sections 2A-301 and 2A-308 [55-2A-301 and 55-2A-308 NMSA 1978, respectively]. Cross References: — Sections 2A-301, 2A-308 and 9-202 [55-2A-301, 55-2A-308 and 55-9-202 NMSA 1978, respectively]. "Goods". Section 2A-103(1)(h) [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]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 38 effective July 1, 1992.
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