Definitions.

CFR · 2024-01-01 · US · Title 12

Many of the terms used in this part are defined in the Federal Deposit Insurance Act, 12 U.S.C. 1811, (a) (1) With respect to an individual: (i) The individual's spouse or dependent child or any member of his or her immediate household; (ii) A partnership of which the individual is or was a general or limited partner; (iii) A limited liability company of which the individual is or was a member; or (iv) A corporation of which the individual is or was an officer or director. (2) With respect to a partnership, a managing or general partner of the partnership or with respect to a limited liability company, a manager; or (3) With respect to any entity, an individual or entity who, acting individually or in concert with one or more individuals or entities, owns or controls 25 percent or more of the entity. (b) (1) A judgment has been rendered in favor of the FDIC or a failed institution; or (2) In the case of a secured obligation, the property securing such obligation is foreclosed on. (c) (d) (e) (f) (g) (h) (1) An obligation that is delinquent for ninety (90) or more days and on which there remains an outstanding balance of more than $50,000; (2) An unpaid final judgment in excess of $50,000 regardless of whether it becomes forgiven in whole or in part in a bankruptcy proceeding; (3) A deficiency balance following a foreclosure of collateral in excess of $50,000, regardless of whether it becomes discharged in whole or in part in a bankruptcy proceeding; (4) Any loss in excess of

official document · source cfr-2024 · id 12:§ 340.2