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12 U.S.C. § 5911 — Application of existing insolvency law

submitted 1 year ago by Pub. L. 119-27 to r/title-12-BANKS-AND-BANKING · 82 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section addresses “Application of existing insolvency law.” It states the duties, permissions, limits, and exceptions that apply to that subject.

under otherwise applicable law, an insolvency proceeding for a permitted payment stablecoin issuer must occur as follows: (1) A depository institution (as defined in section 1813 of this title ) must be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable. (2) A subsidiary of a depository institution (as defined in section 1813 of this title ) or a nonbank entity may be considered a debtor under title 11.
the actual law source: uscode.house.gov ↗public domain

In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:

(1)

A depository institution (as defined in section 1813 of this title) shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable.

(2)

A subsidiary of a depository institution (as defined in section 1813 of this title) or a nonbank entity may be considered a debtor under title 11.

Source credit: (Pub. L. 119–27, § 11(g), July 18, 2025, 139 Stat. 458.)

history & why it existsrecord from the source credit
  • 2025Enacted · Pub. L. 119-27 · 139 Stat. 458

A history note hasn’t been published yet. The record shows enactment by Pub. L. 119-27 on 2025-07-18.

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