New Mexico § 58-1-23 - Acceptances
Full text of New Mexico New Mexico Statutes Annotated § 58-1-23 — Acceptances, with citation guidance and answers to common questions.
§ 58-1-23. Acceptances
A. A bank may accept: (1) a draft which has not more than one hundred eighty days sight to run, exclusive
of days of grace, and is drawn to finance the purchase of goods, with maturity in
accordance with the original terms of purchase, or is secured by shipping documents
transferring or securing title to goods or by receipt of a licensed or bonded warehouse
or elevator transferring or securing title to readily marketable, nonperishable staples;
and (2) a draft which has no more than ninety days sight to run, exclusive of days of
grace, and is drawn by a bank outside the continental limits of the United States
for the purpose of furnishing dollar exchange for trade. B. A bank may issue a letter of credit, but unless the authority conferred to draw
upon the bank or its correspondents is limited to such drafts as a bank is authorized
by this section to accept, the amount of the credit outstanding at any one time shall
be deemed to be a loan to the person for whose account the credit was issued.
Frequently Asked Questions About New Mexico § 58-1-23
What does New Mexico Statutes Annotated § 58-1-23 cover?
Section 58-1-23 ("Acceptances") 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 § 58-1-23?
A common citation format is "New Mexico Statutes Annotated § 58-1-23" (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 § 58-1-23 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.