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e-CFR data is current as of August 13, 2020

Title 12Chapter VIISubchapter APart 745Subpart A → §745.12


Title 12: Banks and Banking
PART 745—SHARE INSURANCE AND APPENDIX
Subpart A—Clarification and Definition of Account Insurance Coverage


§745.12   Account obligations for payment of items forwarded for collection by depository institution acting as agent.

Where a closed credit union has become obligated for the payment of items forwarded for collection by a depository institution acting solely as agent, the owner of such items will be recognized for all purposes of a claim for insured accounts to the same extent as if his name and interest were disclosed on the records of the credit union when such claim for insured accounts, if otherwise payable, has been established by the execution and delivery of prescribed forms. Such depository institution forwarding such items for the owners thereof will be recognized as agent for such owners for the purpose of making an assignment of the rights of such owners against the closed insured credit union to the Board and for the purpose of receiving payment on behalf of such owners.

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