insolvent

(C)The term “insolvent” has the same meaning as in section 101(32) of the Bankruptcy Code. (D)For purposes of this paragraph, the covered financial company is presumed to have been insolvent on and during the 90-day period preceding the date of appointment of the Corporation as receiver. (E)Nothing in this paragraph (12) shall be the basis for any right of setoff where no such right exists under applicable noninsolvency law. (F)Except as otherwise provided in this subchapter, the Corporation as receiver for the covered financial company may sell or transfer any assets free and clear of the setoff rights of any party, except that such party shall be entitled to a claim, subordinate to the claims payable under subparagraphs (A), (B), (C), and (D) of subsection (b)(1), but senior to all other unsecured liabilities defined in subsection (b)(1)(E), in an amount equal to the value of such setoff rights.

Source

12 USC § 5390(a)(12)(C)


Scoping language

None: Default is title Scope
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