Transferred Deposit Law and Legal Definition

According to 12 USCS § 1813 (n), [Title 12. Banks and Banking; Chapter 16. Federal Deposit Insurance Corporation] the term transferred deposit means “a deposit in a new bank or other insured depository institution made available to a depositor by the Corporation as payment of the insured deposit of such depositor in a closed bank, and assumed by such new bank or other insured depository institution.”