12 CFR 709.1

§ 709.1 Definitions.

United States · 12 CFR — Banks and Banking · Status: effective

Cite this

Citation: 12 CFR 709.1, § 709.1 Definitions, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48568
Permanent ID: ys:prov:48568@1
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Full text

For the purposes of this part, the following definitions apply: (a) General Counsel means the General Counsel of the National Credit Union Administration or any attorney assigned to the General Counsel's staff. (b) Liquidating Agent means the NCUA Board or person(s) appointed by it with delegated authority to carry out the liquidation of the credit union. (c) Insolvent means insolvent as that term is defined in § 700.2 of this chapter. (d) Claim means a creditor's claim against the credit union in liquidation. This term does not include insurance claims arising out of the liquidation of a federally insured credit union. Insurance claims are decided pursuant to part 745 of this chapter. (e) Shareholder means members, nonmembers, accountholders or any other party or entity that is the owner of a share, share certificate or share draft account or the equivalent of such accounts under state law.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.