12.12.1.7

Definitions: In the code, and unless the context otherwise requires:

1. A. "financial institution" for purposes of Section 58-13A-2 NMSA 1978 means an institution which is regulated, supervised and examined for protection of depositors by an official or agency of a state or the United States and is insured by the federal depository insurance corporation, the federal savings and loan insurance corporation or the national credit union share insurance fund;

2. B. "futures contract" means an agreement for the purchase or sale of a commodity for delivery in the future at a price that is agreed upon when the contract is initiated, and which is undertaken primarily to assume or shift price risk without transferring title to the underlying commodity. In order to constitute a futures contract both parties are obligated to fulfill t]he contract at the specified price. Future contracts which contain provisions for delivery may be fulfilled by making or taking delivery or by offset.

   [CC 86-201, 10/3/86; Recompiled 10/15/01]