Failed Financial Institution Law and Legal Definition
According to 12 USCS § 4402 (7), the term failed financial institution means “a financial institution that--
(A) fails to satisfy a covered contractual payment obligation when due;
(B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings; or
(C) has generally ceased to meet its obligations when due.”
Legal Definition list
Related Legal Terms
- 1862 Institution
- 1890 Institution
- 1994 Institution
- Academic Institution
- Academy of Financial Divorce Practitioners
- Accredited Educational Institution
- Adult Care Institution
- Adult Correctional Institution [Education]
- Annual Statutory Financial Statement [Agriculture]
- Appropriate Federal Financial Supervisory Agency [Banks & Banking]
