(1) "Circuit court" means the court with which the State Bank Department has filed the notice of possession under this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank Commissioner's supervision;
(2) "Federal deposit insurance agency" means an agency or instrumentality of the United States that insures to any extent the deposits of a depository institution, including the Federal Deposit Insurance Corporation;
(3) "Insolvent institution" means an institution that:
(A) Is, in the opinion of the commissioner, incapable of or unlikely to meet the demands of creditors or depositors on a timely basis;
(B) Has liabilities in excess of the total value of its assets as determined by the commissioner; or
(C) Has been advised by the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation's intention to withdraw deposit insurance coverage; and
(4) "Institution" means a state bank, state trust company, or subsidiary trust company.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
