State branch or agency: Segregation of assets; priority of creditors.
1. Each foreign bank which is licensed to establish and maintain a state branch or agency in this state shall keep the assets of its business in this state separate from the assets of its business outside this state.
2. The creditors of the business in this state conducted by a foreign bank at and recorded on the books of its state branch or agency are entitled to absolute priority over other creditors with respect to the assets of the foreign bank’s offices in this state.
Last modified: February 26, 2006