Ohio § 1761.11
Full text of Ohio Ohio Revised Code § 1761.11, with citation guidance and answers to common questions.
§ 1761.11.
(A) The superintendent of credit unions shall give prompt notice to the applicable credit
union share guaranty corporation whenever he takes possession of the property and
assets of a participating credit union. The superintendent shall give further prompt notice whenever he determines to liquidate
the property and assets of such participating credit union. (B) When the property and business of a participating credit union has been liquidated
or is in the process of liquidation and the proceeds of liquidation distributed are
insufficient to pay the full guaranteed amount of each credit union share account,
the corporation shall pay each such deficiency up to the guaranteed amount within
thirty days from the date the credit union share account balance is verified. When such guaranteed amounts are paid, and after charging the amount thereof to
undivided or retained earnings, each participating credit union's account shall be
reduced ratably based on the account balance for the total amount paid. (C) When any member's credit union share account is paid, the corporation shall be subrogated
to all rights of the member, up to the amount paid by the corporation to such member.
Frequently Asked Questions About Ohio § 1761.11
What does Ohio Revised Code § 1761.11 cover?
Section 1761.11 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1761.11?
A common citation format is "Ohio Revised Code § 1761.11" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1761.11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.