Substantial Loss [Banks & Banking] Law and Legal Definition
According to 12 CFR 347.202 [Title 12 -- Banks and Banking; Chapter III -- Federal Deposit Insurance Corporation; Subchapter B -- Regulations and Statements of General Policy; Part 347 -- International Banking; Subpart B -- Foreign Banks], substantial loss means:
“(1) An obligation that is delinquent for ninety (90) or more days and on which there remains an outstanding balance of more than $ 50,000;
(2) An unpaid final judgment in excess of $ 50,000 regardless of whether it becomes forgiven in whole or in part in a bankruptcy proceeding;
(3) A deficiency balance following a foreclosure of collateral in excess of $ 50,000, regardless of whether it becomes forgiven in whole or in part in a bankruptcy proceeding;
(4) Any loss in excess of $ 50,000 evidenced by an IRS Form 1099-C (Information Reporting for Discharge of Indebtedness).”
Legal Definition list
- Substantial Loss [Banks & Banking]
- Substantial Justice
- Substantial Interest
- Substantial Impediment to Employment [Education]
- Substantial Impairment
- Substantial Misrepresentation [Education]
- Substantial Ownership
- Substantial Part
- Substantial Performance
- Substantial Personal Injury or Illness
- Substantial Presence Test
