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CFR › Title 12 › Chapter VII › Subchapter A › Part 709 › Section 709.11

12 CFR 709.11 - Treatment by conservator or liquidating agent of collateralized public funds.

There is 1 rule appearing in the Federal Register for 12 CFR 709. Select the tab below to view, or View eCFR (GPOAccess)
§ 709.11
Treatment by conservator or liquidating agent of collateralized public funds.
An agreement to provide for the lawful collateralization of funds of a federal, state, or local governmental entity or of any depositor or member referred to in section 207(k)(2)(A) of the Act will not be deemed to be invalid under sections 207(b)(9) and 208(a)(3) of the Act solely because such agreement was not executed contemporaneously with the acquisition of collateral or with any changes, increases, or substitutions in the collateral made in accordance with such agreement, provided the following conditions are met:
(a) The agreement was undertaken in the ordinary course of business, not in contemplation of insolvency, and with no intent to hinder, delay or defraud the credit union or its creditors;
(b) The secured obligation represents a bona fide and arm's length transaction;
(c) The secured party or parties are not insiders or affiliates of the credit union;
(d) The grant or creation of the security interest was for adequate consideration; and,
(e) The security agreement evidencing the security interest is in writing, was approved by the credit union's board of directors, and has been continuously an official record of the credit union from the time of its execution.
[65 FR 55443, Sept. 14, 2000]

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2012-12-13; vol. 77 # 240 - Thursday, December 13, 2012
    1. 77 FR 74103 - Alternatives to the Use of Credit Ratings
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This rule is effective June 11, 2013.
      12 CFR Parts 703, 704, 709, and 741

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1757 - Powers

§ 1766 - Powers of Board

§ 1767 - Fiscal agents and depositories; authorization to secure deposits by governmental bodies

§ 1786 - Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure

§ 1787 - Payment of insurance

§ 1788 - Special assistance to avoid liquidation

§ 1789 - Administrative provisions

§ 1789a - Credit unions as depositaries of public money; fiscal agents; duties

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 709 after this date.

  • 2012-12-13; vol. 77 # 240 - Thursday, December 13, 2012
    1. 77 FR 74103 - Alternatives to the Use of Credit Ratings
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This rule is effective June 11, 2013.
      12 CFR Parts 703, 704, 709, and 741