51A-15-13. Receipt of deposits by insolvent bank unlawful--Felony.
50 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No bank may receive any deposit when insolvent. No officer, director or employee who knows, or in the proper performance of his duty should know, of such insolvency may receive or authorize the receipt of such deposit. Any person violating this section shall be guilty of a Class 5 felony.