New Mexico Conditional Sales Contract
Description
How to fill out Conditional Sales Contract?
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FAQ
Section 55-2-725 - Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
What Is the Statute of Limitations in New Mexico? For most civil lawsuits, the statute of limitations in New Mexico is either three or four years. Criminal statutes of limitations are typically one or two years for misdemeanors and three to six years for felony charges.
In general, there is no requirement that a contract be in writing. Although the Statute of Frauds requires certain types of contracts to be in writing, New Mexico recognizes and enforces oral contracts in some situations where the Statute of Frauds does not apply.
RECs are the most common seller financing instrument used in New Mexico. With a REC, the seller transfers equitable interest in the property to the buyer upon execution of the REC, while the seller retains legal title to the property until the buyer satisfies all conditions of the REC.
Contracts are individual, or private, rights and duties created by oral or written agreement and consent of the parties.
Those founded upon accounts and unwritten contracts; those brought for injuries to property or for the conversion of personal property or for relief upon the ground of fraud, and all other actions not herein otherwise provided for and specified within four years.
A judgment obtained through a common law action on a prior judgment or through any other means of revival of a prior judgment shall not be enforceable after fourteen years from the date of the original judgment upon which it is founded.
Depends on the statute. Generically the answer is "no;" courts will enforce a statute instead of a conflicting contract. However, many statutes either explicitly or implicitly allow contracts to override them in at least some situations.
