PRIA, Government Policy, Made Personal

Summary

Gives short meanings for three words used here. Bank means a national bank or any other financial institution chartered or licensed under Federal law and supervised by the Comptroller of the Currency. Voluntary dissolution and liquidation means a section 181 transaction that assumes the bank’s insured deposit liabilities and sells the bank, or control of it, as a going concern. State means any State, Territory, or possession of the United States, and the Canal Zone.

Title 12, §202

Banks and Banking, Source: USLM XML via OLRC

As used in this subchapter, the term “bank” means any national banking association or any other financial institution chartered or licensed under Federal law and subject to the supervision of the Comptroller of the Currency; the term “voluntary dissolution and liquidation” means a transaction pursuant to section 181 of this title that involves the assumption of the bank’s insured deposit liabilities and the sale of the bank, or of control of the bank, as a going concern; and the term “State” means any State, Territory, or possession of the United States, and the Canal Zone.

Notes & Related Subsidiaries

Editorial Notes

References in Text

For definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Intercourse.

Amendments

2006—Pub. L. 109–351 and 109–356 amended section identically, substituting “means any national” for “means (1) any national” and striking out “, and (2) any bank or trust company located in the District of Columbia and operating under the supervision of the Comptroller of the Currency” before first semicolon. 1989—Pub. L. 101–73, § 801(1), in cl. (1), extended term “bank” to include any financial institution chartered or licensed under Federal law and subject to supervision of Comptroller of the Currency. Pub. L. 101–73, § 801(2), in cl. (2), inserted definition of term “voluntary dissolution and liquidation”.

§202 Definitions