(a) The board of directors or liquidating agent shall appoint a custodian for the Federal credit union’s records which are to be retained after the final distribution of assets.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In 12 CFR 710.7

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

(b) All records of the liquidated Federal credit union necessary to establish that creditors were paid and that assets were equitably distributed to the members shall be retained by the custodian for a period of five years following the date of charter cancellation.