New Mexico § 56-1-14 - Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for
Full text of New Mexico New Mexico Statutes Annotated § 56-1-14 — Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for, with citation guidance and answers to common questions.
§ 56-1-14. Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for
A. Payments made on retail charges agreements, open-end contracts or similar types
of add-on retail sales agreements shall be first applied to the purchases earliest
in time. The payments shall be credited first to the current interest or carrying charges
and then in reduction of the purchase price of merchandise in the order in which it
was purchased. B. When, subsequent to the date of purchase, payments have been made and credited
in an amount to pay the sales price and carrying charges of any merchandise, then
that article of merchandise shall be considered paid for in full, provided that all
balances incurred prior to that purchase have been paid. C. The articles of merchandise which have been paid for under this section shall not
thereafter be repossessed or considered security for the payment of any charges arising
out of subsequent purchases under the same account.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 56-1-14
What does New Mexico Statutes Annotated § 56-1-14 cover?
Section 56-1-14 ("Open-end retail charge agreements; application of payments; prohibition against repossession of merchandise under agreement when paid for") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 56-1-14?
A common citation format is "New Mexico Statutes Annotated § 56-1-14" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 56-1-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.