§19208. Deposits

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19208
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

209

:
CONSERVATION, LIQUIDATION, AND INSOLVENCY






Subchapter

002
:
FINANCIAL INSTITUTION CONSERVATORS










 

§

19208. Deposits

(a) In the

Commissioner's discretion, the Commissioner may permit the conservator to

receive deposits, but deposits received while the financial institution is in

the hands of the conservator shall not be subject to any limitation as to

payment or withdrawal, and those deposits shall be segregated and shall not be

used to liquidate any indebtedness of the financial institution existing at the

time that a conservator was appointed to it, or any subsequent indebtedness

incurred for the purpose of liquidating any indebtedness of the financial

institution existing at the time the conservator was appointed.

(b) Deposits so

received while the financial institution is in the hands of the conservator

shall be kept on hand in cash, invested in the direct obligations of the United

States, or deposited in financial institutions approved by the Commissioner.

(Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
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