Washington Code 32.24.080 – Transfer of assets when insolvent — Penalty
Current as of: 2023 | Check for updates
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(1) Every transfer of its property or assets by any savings bank, made (a) after it has become insolvent, (b) within ninety days before the date the director takes possession of such savings bank under RCW 32.24.040, 32.24.050, or 32.24.073, or the federal deposit insurance corporation is appointed as receiver or liquidator of such savings bank under RCW 32.24.090, and (c) with the view to the preference of one creditor over another or to prevent equal distribution of its property and assets among its creditors, shall be void.
Attorney's Note
Under the Washington Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| class B felony | up to 10 years | up to $20,000 |
Terms Used In Washington Code 32.24.080
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trustee: A person or institution holding and administering property in trust.
(2) Every trustee or board director, officer, or employee knowingly making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2010 c 88 § 63; 2003 c 53 § 196; 1994 c 92 § 346; 1985 c 56 § 15; 1955 c 13 § 32.24.080. Prior: 1931 c 132 § 10; RRS § 3379a.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.