New Mexico Statutes > Chapter 2 > Article 9 – Sessions
Current as of: 2023 | Check for updates
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§ 2-9-1 | Regular sessions; designation |
Terms Used In New Mexico Statutes > Chapter 2 > Article 9 - Sessions
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC