Washington § 32.08.120 - Guaranty fund — Replenishment — Dividends.

Full text of Washington Revised Code of Washington § 32.08.120 — Guaranty fund — Replenishment — Dividends., with citation guidance and answers to common questions.

§ 32.08.120. Guaranty fund — Replenishment — Dividends.

(1) If at the close of any dividend period the guaranty fund of a savings bank is less than ten percent of the amount due to depositors, there shall be deducted from its net earnings and credited to its guaranty fund not less than five percent of its net earnings for such period.
(2) The balance of its net earnings for such dividend period, plus any earnings from prior accounting periods not previously disbursed and not reserved for losses or other contingencies or required to be maintained in the guaranty fund, shall be available for dividends.
While the trustees of such savings bank are paying its expenses or any portion thereof, the amounts to be credited to its guaranty fund shall be computed at the same percentage upon the total dividends credited to its depositors instead of upon its net earnings. If the guaranty fund accumulated from earnings equals or exceeds ten percent of the amount due to depositors, the minimum dividend shall be four percent, if the net earnings for such period are sufficient therefor.
[ 1955 c 13 s 32.08.120. Prior: 1941 c 15 s 4; 1929 c 123 s 3; 1927 c 184 s 6; 1915 c 175 s 24; Rem. Supp. 1941 s 3353.]

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Frequently Asked Questions About Washington § 32.08.120

What does Revised Code of Washington § 32.08.120 cover?

Section 32.08.120 ("Guaranty fund — Replenishment — Dividends.") is part of the Revised Code of Washington, the codified statutory law of Washington. 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 Washington § 32.08.120?

A common citation format is "Revised Code of Washington § 32.08.120" (Washington). 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 Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 32.08.120 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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