11 U.S.C. § 781

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 781 - Definitions

For purposes of this subchapter, the following definitions shall apply:

(1) BOARD.-The term "Board" means the Board of Governors of the Federal Reserve System.

(2) DEPOSITORY INSTITUTION.-The term "depository institution" has the same meaning as in section 3 of the Federal Deposit Insurance Act.

(3) CLEARING BANK.-The term "clearing bank" means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 ¹ of the Federal Deposit Insurance Corporation Improvement Act of 1991.

¹ See References in Text note below.

11 U.S.C. § 781

Added Pub. L. 106-554, §1(a)(5) [title I, §112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A-394.

EDITORIAL NOTES

REFERENCES IN TEXTSection 3 of the Federal Deposit Insurance Act, referred to in par. (2), is classified to section 1813 of Title 12, Banks and Banking.Section 25A of the Federal Reserve Act, referred to in par. (3), popularly known as the Edge Act, is classified to subchapter II (§611 et seq.) of chapter 6 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 611 of Title 12 and Tables. Section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in par. (3), which was classified to section 4422 of Title 12, Banks and Banking, was repealed by Pub. L. 111-203, title VII, §740, July 21, 2010, 124 Stat. 1729.

uninsured State member bank

The term "uninsured State member bank" means a State member bank (as defined in section 3 of the Federal Deposit Insurance Act) the deposits of which are not insured by the Federal Deposit Insurance Corporation.