§ 23-49-101 — Definitions

As used in this chapter: (1) "Circuit court" means the court with which the State Bank Department has filed the notice of possession under this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank Commissioner's supervision; (2) "Federal deposit insurance agency" means an agency or instrumentality of the United States that insures to any extent the deposits of a depository institution, including the Federal Deposit Insurance Corporation; (3) "Insolvent institution" means an institution that: (A) Is, in the opinion of the commissioner, incapable of or unlikely to meet the demands of creditors or depositors on a timely basis; (B) Has liabilities in excess of the total value of its assets as determined by the commissioner; or (C) Has been advised by the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation's intention to withdraw deposit insurance coverage; and (4) "Institution" means a state bank, state trust company, or subsidiary trust company.

Legislative History

Acts 1997, No. 89, § 1; 1997, No. 940, § 113.