A demand that a member draws against a credit-union share account, payable to a third party. • A share draft is similar to a check that is written to draw funds out of a checking account at a bank. [Cases: Building and Loan Associations 24, 40. C.J.S. Building and Loan Associations, Savings and Loan Associations, […]
absolute-priority rule. Bankruptcy. The rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditors before a junior class of claimants will be allowed to receive or retain anything under the plan. • Some jurisdictions recognize an exception to this rule when a junior class member, usu. a
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credit union. A cooperative association that offers low-interest loans and other consumer banking services to persons sharing a common bond — often fellow employees and their family members. • Most credit unions are regulated by the National Credit Union Administration. State-chartered credit unions are also subject to regulation by the chartering state, and they may
A cooperative association that offers low-interest loans and other consumer banking services to persons sharing a common bond — often fellow employees and their family members. • Most credit unions are regulated by the National Credit Union Administration. State-chartered credit unions are also subject to regulation by the chartering state, and they may be regulated
recuperator (ri-k[y]oo-p[schwa]-ray-tor), n. [Latin “assessor”] Roman law. 1. A member of a mixed body of commissioners, appointed by a convention between two states for the purpose of adjusting any claims or disputes that might arise between the members of those states. 2. One of a bank of judges, instead of a single judex, appointed to
teller. 1. A bank clerk who deals directly with customers by receiving and paying out money. 2. Parliamentary law. A member of a tellers committee; esp., a vote-counter at an election. See tellers committee under COMMITTEE. [Cases: Elections 126(3), 209. C.J.S. Elections §§ 116, 192.]
Federal Reserve System. The central bank that sets credit and monetary policy by fixing the reserves to be maintained by depository institutions, determining the discount rate charged by Federal Reserve Banks, and regulating the amount of credit that may be extended on any security. • The Federal Reserve System was established by the Federal Reserve
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Federal Deposit Insurance Corporation. A federal corporation that protects bank and thrift deposits by insuring accounts up to $100,000, examining banks that are not members of the Federal Reserve System, and liquidating failed institutions. • It was established in 1933 and began insuring banks in 1934. — Abbr. FDIC. [Cases: Banks and Banking 501–508. C.J.S.
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Speech or Debate Clause. The clause of the U.S. Constitution giving members of Congress immunity for statements made during debate in either the House or the Senate. • This immunity is extended to other areas where it is necessary to prevent impairment of deliberations and other legitimate legislative activities, such as subpoenaing bank records for
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