District Of Columbia § 26-1401.25 - Deposits received while universal bank in conservatorship.
Full text of District Of Columbia D.C. Code § 26-1401.25 — Deposits received while universal bank in conservatorship., with citation guidance and answers to common questions.
§ 26-1401.25. Deposits received while universal bank in conservatorship.
26-1401.25While a universal bank is in conservatorship, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors or investors and payment to other creditors, ratably, amounts that the Commissioner determines may be used safely and soundly for such withdrawals and payments.
The Commissioner may permit the conservator to receive deposits.
Deposits received while the universal bank is in conservatorship shall not be subject to any limitation on payment or withdrawal. The deposits, and any new assets acquired on account of the deposits, shall be segregated and held for the new deposits and shall not be used to liquidate any indebtedness of the universal bank:
Existing at the time that a conservator was appointed for the universal bank; or
Incurred after a conservator was appointed and was incurred for the purpose of liquidating any indebtedness of the universal bank existing at the time that the conservator was appointed.
Deposits received while the universal bank is in conservatorship shall be kept in cash, invested in direct obligations of the United States, or deposited in depository institutions designated by the Commissioner.
The requirements of subsections (c) and (d) of this section shall remain in effect for 15 days following the date that the conservator returns control of the universal bank to its board of directors, or for such shorter period as the Commissioner may designate.
Before returning control of the universal bank to its board of directors, the conservator shall publish a notice in a paper of general circulation in the District of Columbia in a form approved by the Commissioner, stating the date on which the affairs of the universal bank will be returned to its board of directors and that the provisions of subsection (c) or (d) of this section will not be in effect after 15 days from that date. The conservator shall send a copy of the notice described in the previous sentence to each person who deposited money in the universal bank after the appointment of the conservator and before the time when control of the universal bank is returned to the board of directors.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 26-1401.25
What does D.C. Code § 26-1401.25 cover?
Section 26-1401.25 ("Deposits received while universal bank in conservatorship.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 26-1401.25?
A common citation format is "D.C. Code § 26-1401.25" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 26-1401.25 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.