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(a) Neither a bank's federal funds purchased nor its sale of securities, which a bank may deal in, underwrite, purchase, and sell for its own account without limitation, subject to an agreement that the bank will repurchase at the end of a stated period, constitute "money borrowed" for purposes of AS 06.05.255 .
(b) The purchase of securities subject to an agreement that the seller will repurchase at the end of a stated period is regarded as a loan from the purchaser to the seller and not as an obligation of the underlying obligor or the security.
History: Eff. 8/18/88, Register 107; am 1/14/89, Register 109; am 1/10/94, Register 129
Authority: AS 06.05.005 (a)
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Last modified 7/05/2006