West Virginia § 31A-8F-26 Separate assets

West Virginia Statutes

§ 31A-8F-26 — Separate assets

West Virginia·Ch. 31A BANKS AND BANKING·Art. 8F THE WEST VIRGINIA INTERNATIONAL BANKING ACT

(a)Each foreign bank which is licensed to establish and maintain a West Virginia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state as though the West Virginia office was conducted as a separate and distinct entity.

(b)The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its West Virginia state agency shall be entitled to absolute preference and priority over the creditors of the foreign bank's offices located outside this state with respect to the assets of the foreign bank in this state.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state as though the West Virginia office was conducted as a separate and distinct entity.

(b) The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its West Virginia state agency shall be entitled to absolute preference and priority over the creditors of the foreign bank's offices located outside this state with respect to the assets of the foreign bank in this state.

West Virginia § 31A-8F-26 (Separate assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.