Eligible Insured Depository Institution Law and Legal Definition

According to 12 USCS § 1817(3)(C) [Title 12. Banks and Banking; Chapter 16. Federal Deposit Insurance Corporation] the term eligible insured depository institution means “any insured depository institution that--

(i) was in existence on December 31, 1996, and paid a deposit insurance assessment prior to that date; or

(ii) is a successor to any insured depository institution described in clause (i).”