12 CFR 745.12
§ 745.12 Account obligations for payment of items forwarded for collection by depository institution acting as agent.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 745.12, § 745.12 Account obligations for payment of items forwarded for collection by depository institution acting as agent, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48779
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.