December 09, 2019
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The Florida Statutes

The 2001 Florida Statutes

Title XXXVIII
Banks And Banking
Chapter 657
Credit Unions
View Entire Chapter
Section 657.253, Florida Statutes 2001

657.253  Definitions.--As used in this part:

(1)  "Account" means any account of any member of a member credit union into which are deposited shares or deposits of that member.

(2)  "Corporation" means the Florida Credit Union Guaranty Corporation, Inc.

(3)  "Department" means the Department of Banking and Finance.

(4)  "Covered claim" means any unpaid shares or deposits of a member of a member credit union not in excess of the applicable amounts to which this act applies, as established by the plan of operation of the corporation, if such credit union becomes insolvent and goes into voluntary liquidation or is placed in involuntary liquidation by order of the department after January 1, 1975.

(5)  "Insolvent credit union" means a member credit union which has become insolvent and has gone into voluntary liquidation, or which has been placed in involuntary liquidation by order of the department. "Insolvent" means that all the assets of the credit union, if made immediately available or if made available within a reasonable time, would not be sufficient to discharge all the liabilities, shares, or deposits or that the credit union is unable to pay its debts as they become due in the ordinary course of business.

(6)  "Member credit union" means any credit union authorized and chartered under the laws of this state which has obtained and maintained membership with the corporation as of April 18, 1991.

(7)  "Shares and deposit capital" means the aggregate total of shares and deposits held by the member credit union as of December 31 of the preceding year.

History.--s. 5, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 3, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 21, 58, ch. 85-82; ss. 2, 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.

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