§ 28-1-3.1-1 — Definitions

Indiana § 28-1-3.1-1

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

(a) The definitions set forth in this section
apply throughout this chapter.
(b) "Federal deposit insurance agency" means an agency or
instrumentality of the United States that insures to any extent the
deposits of a financial institution, including the Federal Deposit
Insurance Corporation or the National Credit Union Administration.
(c) "Insolvent" means a financial institution that:
(1) is incapable of meeting the demands of creditors or depositors
on a timely basis; or
(2) has liabilities in excess of the total value of its assets as
determined by the department.
(d) "Receiver" means a:
(1) federal deposit insurance agency;
(2) private deposit insurer of credit unions; or
(3) designated agent of the department.
(e) "Receivership court" means the court that the department has
filed the notice of possession with, under this chapter.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.8-1991, SEC.10; P.L.262-1995, SEC.3.