Tenn. Comp. R. & Regs. 0180-16-.05
Current through October 22, 2024
The Bank shall select a federally-insured trustee institution satisfactory to the commissioner which shall hold the special reserve. The special reserve shall be held by the trustee financial institution in an escrow or safekeeping account which shall be solely used for the purpose of paying out legitimate claims to the Bank on account of any losses sustained by it as the result of any dishonesty, fraudulent or criminal act or omission committed or omitted by any active officers and employees acting independently or in collusion or combination with any person or persons.
Tenn. Comp. R. & Regs. 0180-16-.05
Authority: T.C.A. §§ 45-1-107 and 45-2-403; Public Chapter 865, Acts of 1986.