NMSA 55-1-205. Reasonable time; seasonableness

55-1-205. Reasonable time; seasonableness. (a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time. History: 1953 Comp., § 50A-1-204, enacted by Laws 1961, ch. 96, § 1-204; 1978 Comp., § 55-1-204; recompiled by compiler as NMSA 1978, § 55-1-205; Laws 2005, ch. 144, § 13. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Source. — Former Section 1-204(2)-(3) [55-1-204(2)-(3) NMSA 1978]. Changes from former law. — This section is derived from Subsections (2) and (3) of former Section 1-204 [55-1-204 NMSA 1978]. Subsection (1) of that section is now incorporated in Section 1-302(b) [55-1-302(b) NMSA 1978]. 1. Subsection (a) makes it clear that requirements that actions be taken within a "reasonable" time are to be applied in the transactional context of the particular action. 2. Under Subsection (b), the agreement that fixes the time need not be part of the main agreement, but may occur separately. Notice also that under the definition of "agreement" (Section 1-201 [55-1-201 NMSA 1978]) the circumstances of the transaction, including course of dealing or usages of trade or course of performance may be material. On the question what is a reasonable time these matters will often be important. Point 1: Sections 1-203, 2-104 and 2-202. Point 2: Section 2-208. Point 4: Section 2-201 and Part 3 of Article 2. Point 6: Sections 1-203 and 2-302. Point 8: Sections 1-102 and 1-201. Point 9: Section 2-204(3). "Agreement". Section 1-201. "Contract". Section 1-201. "Party". Section 1-201. "Term". Section 1-201.