[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR745.12]



[Page 615-616]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 745_SHARE INSURANCE AND APPENDIX--Table of Contents

 

  Subpart A_Clarification and Definition of Account Insurance Coverage

 

Sec. 745.12  Account obligations for payment of items forwarded for 

collection by depository institution acting as agent.



    Where a closed credit union has become obligated for the payment of 

items forwarded for collection by a depository institution acting solely 

as agent, the owner of such items will be recognized for all purposes of 

a claim for insured accounts to the same extent as if his name and 

interest were disclosed on the records of the credit



[[Page 616]]



union when such claim for insured accounts, if otherwise payable, has 

been established by the execution and delivery of prescribed forms. Such 

depository institution forwarding such items for the owners thereof will 

be recognized as agent for such owners for the purpose of making an 

assignment of the rights of such owners against the closed insured 

credit union to the Board and for the purpose of receiving payment on 

behalf of such owners.