Statutes > New Mexico Statutes > Chapter 56 - Commercial Instruments and Transactions. > Article 5 - Miscellaneous Provisions Relating to Commercial Instruments, 56-5-1 through 56-5-5. > Section 56-5-3 - Contracts not specifying time of performance; demand necessary.

Section 56-5-3 - Contracts not specifying time of performance; demand necessary.

56-5-3. Contracts not specifying time of performance; demand necessary.

Except as provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], no contract for labor, or for the payment or delivery of property in which the time of performance is not fixed, can be converted into a money demand until a demand of performance has been made and the maker refuses or a reasonable time is allowed for performance.