guaranty fund

A private deposit-insurance fund, raised primarily by assessments on banks, and used to pay the depositors of an insolvent bank.

• Guaranty funds preceded the FDIC’s federal-deposit insurance, which began in 1933, though many funds continued until the savings-and-loan crisis in the 1980s. Massachusetts has a guaranty fund for uninsured deposits (deposits above $100,000) that are not covered by federal-deposit insurance. [Cases: Banks and Banking 15, 504–506. C.J.S. Banks and Banking §§ 24–26, 673, 676–679, 682–694, 696, 699–706, 708–717.]

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