N.M. Admin. Code § 12.16.33.8 - SALE OF FEDERAL FUNDS
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.
Notes
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