New Mexico § 58-1-20 - Reserves against deposits
Full text of New Mexico New Mexico Statutes Annotated § 58-1-20 — Reserves against deposits, with citation guidance and answers to common questions.
§ 58-1-20. Reserves against deposits
A. A state bank shall maintain such reserves against deposits as may be required by
the director or, if the state bank is a member of the federal reserve system, by the
Federal Reserve Act 1 or by the board of governors of the federal reserve system. B. The reserve fund shall consist of legal tender on hand on the premises of the state
bank and money due on demand from a federal reserve bank or other bank approved as
a reserve depository by the director, in such amount as the director may prescribe,
but shall not exceed at any time the reserve requirement ratios promulgated by the
board of governors of the federal reserve system for national banks. C. A state bank may invest up to fifty percent of the required cash reserves in direct
obligations of the United States government, provided such are limited to not more
than one hundred days maturity free from encumbrance or pledge. 1
12 U.S.C.A. § 221 et seq.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 58-1-20
What does New Mexico Statutes Annotated § 58-1-20 cover?
Section 58-1-20 ("Reserves against deposits") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 58-1-20?
A common citation format is "New Mexico Statutes Annotated § 58-1-20" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 58-1-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.