closed bank

closed bank
Literally a bank not open for business at the time, but for most purposes, such as the necessity for presentment at a bank of an instrument payable at the bank, a closed bank is a failed bank, an insolvent bank, or a bank which has ceased to exist. 11 Am J2d B & N § 760. See failed bank.

Ballentine's law dictionary. . 1998.

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