A bank may sell any asset in the ordinary course of business, or with the approval of the commissioner [director of the financial institutions division of the regulation and licensing department] in any other circumstance, but the sale of all or substantially all of the assets of a bank or of a department thereof is governed by Section 58-4-9 NMSA 1978.
§ 58-1-27 NMSA 1978
Sale of assets in ordinary course
Known as the Banking Act
The act spans §§ 58–58 (88 sections).
1953 Comp., § 48-22-27, enacted by Laws 1963, ch. 305, § 27.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.