2011 Louisiana Laws
TITLE 39 — Public finance
RS 39:1227 — Failure of depository; depositing authority holding own notes; right to set-off
§1227. Failure of depository; depositing authority holding own notes; right to set-off
Any depositing authority which holds its own note as security, in whole or in part, for its deposits in any bank, shall, if the bank fails, have the right to set-off its deposits against its note; and shall have the same right with respect to evidence of participation by its own note held by it as security, provided the right of set-off does not affect the rights of other holders of evidence in the notes.
Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.