Washington Code 39.58.230 – Liability after merger, takeover, or acquisition
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The liability of a public depositary under this chapter shall not be altered by any merger, takeover, or acquisition, except to the extent that such liability is assumed by agreement or operation of law by the successor entity or resulting financial institution.
[ 2009 c 9 § 17.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Terms Used In Washington Code 39.58.230
- Financial institution: means any national or state chartered commercial bank or trust company, savings bank, savings association, or federal or state chartered credit union, or branch or branches thereof, located in this state and lawfully engaged in business;
Washington Code 39.58.010Public depositary: means a financial institution that has been approved by the commission to hold public deposits, and has segregated, for the benefit of the commission, eligible collateral having a value of not less than its maximum liability;
Washington Code 39.58.010