§ 192.475. Definition of liquidation.
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/us/cfr/t12/s§ 192.475·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. A liquidation is a sale of a savings association's assets and settlement of its liabilities with the intent to cease operations and close. Upon liquidation, a savings association must return its charter to the governmental agency that issued it. The government agency must cancel the savings association's charter.
(b)Other transactions. A merger, consolidation, or similar combination or transaction with another depository institution, is not a liquidation. If a savings association is involved in such a transaction, the surviving institution must assume the liquidation account.