Ohio Code § 1761.11
Ohio Code § 1761.11. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 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.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1761.11
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1761.11?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1761.11 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1761.11 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.