N.M. Admin. Code § 12.16.33.8
Current through Register Vol. 35, No. 23, December 10, 2024
A transaction involving the sale and transfer by a state bank to another bank of a state bank's excess reserve funds for one business day only at a specified rate of interest, commonly referred to as the "sale of federal funds", does not create on the part of the buyer an obligation subject to Section 58-1-24 NMSA 1978, but is to be considered as a purchase and sale of such funds.
N.M. Admin. Code § 12.16.33.8